Canadians have always believed their Banks could be trusted for advice on where to invest for their future and their money and their children’s. But that is now in question when the CBC exposed that bank employees are forced to sell and at times deceive customers on fees they pay and load them with products […]
Are 50% of parents not using RESP to save for their child’s education because of restrictions on where their child can go to school and what they can study? In 2015 only 50.1% of parents in Canada which children who qualified for an RESP opened one to save for their child’s future education. While there […]
This is a continuing blog in the series Millennial Parents’ Guide to Financial Planning for Children. My father always told me: “If you’re going to spend your time thinking, you might as well spend it thinking big.” While I am President of insuranceforchildren, I still advise and manage investments of two-dozen successful clients whom I […]
I’ve spoken with many grandparents who are looking to help save for their grandchildren’s education. After all, education is expensive and this is only going to continue to be the case. By the year 2031, the cost of education is expected to rise to $150,000 if the child is living away from home. And yet, […]
Typically I begin by asking parents what they believe is an RESP (Registered Education Savings Plan)? Every parent automatically and without hesitation replies that it’s an education savings plan for their children’s future education, where the Government gives them 20% of whatever they deposit to their children’s education savings plan. Following that they are […]
When I went to university, the cost for four years of tuition totaled $20,000. And that’s not including books, rent or other living expenses. Like most of my friends, I relied on student loans and odd jobs to get through university. My husband, on the other hand, was fortunate. His parents managed to save enough […]
How Canada Child Benefit Will Pay Dividends For My Daughter’s Entire Life. Millennial Parents’ Guide to Financial Planning by Michael Lampel Rather than continue rehashing 20th-century government programs for children in the 21st century. Our Prime Minister a parent of children aged 6 and 8 and former teacher understood this is a global world and […]
Millennial Parents Guide To Financial Planning For Children The Liberal government estimates the average family will receive nearly $2,300 more each year, thanks to the new Canada Child Benefit. But what does it mean for my family? There’s a reason I hire an accountant to do my taxes. Crunching numbers and keeping up with tax […]
First, let me address the difference between this generation (millennials) and my generation (baby boomers) by sharing the story of my first job after graduating with a degree in Economics in 1987. My first job was selling trucking services for a company called Inter-City Truck Lines in Montreal. My first-year pay was $26,500. In today’s […]
Sample illustration of Child Plan™ Cash and Insurance Values
Based on a Deposit of $225 per month
|Age||Accumulated Cash Value||Life Insurance Value|
1. Sample illustration is based on a $225 monthly premium for twenty years, starting when the child is less than 2. Cash and life insurance values are based on the current dividend scale of 6.35% from a Canadian Life Insurance Company. 3. This example is strictly for illustrative purposes only, the annual dividend scale is not guaranteed and values may differ.
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*illustrations are reflective of the annual premium amount