Every little bit helps. On Thursday, November 3, 2022 the Canadian Government confirmed plans to cancel interest on all new federal student loans and apprentice loans, as well as student loans already currently being paid back. Canadians already pay $556 Million a year in interest on student loans. In other words, Canadians pay banks and…
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Government of Ontario will give parents up to $250 per child To Catch Up
Ontario Education Minister Stephen Lecce announces parents can receive between $200 or $250 per child to help offset the cost of catching up in school after two years of disrupted learning. Starting Thursday, parents with children up to 18 years old can apply at https://www.ontario.ca/page/catch-up-payments for $200, while parents with school-aged children with special education…
How to use your Tax Free Savings Account (TFSA) as your Child’s Education Savings Plan
What’s a Tax Free Savings Account (TFSA) A Tax-Free Savings Account is a Canadian government registered account available to all Canadians over the age of 18. Started in 2009, contributors (depositors) are permitted to deposit a government set amount of money every year into their TFSA account. The amount of the annual contributions are set…
What is an RESP? How Does the RESP Work?
Is The RESP A Government Program? RESP is also called Registered Education Savings Plan, is a tax-deferred savings account for a child’s future education. Your RESP deposit is matched 20% by the Canadian government up to the year your child turns 18th. Anyone can open and deposit to an RESP (parents, grandparents, aunt, uncle’s) however…
68% Of Canadian Parents Worry Their Children Will Be Worse Off Financially Than Them!!!
If you think things are difficult financially for you today, how will your children fare in the future? A 2021 Pew Research Poll conducted found that of 17 countries polled, 64% of parents believe their children will be worse off financially than they are. Canada ranked sixth among the 17 countries, with 68% of parents…
Is The RESP Outdated?
Millennial Parents’ Guide to Financial Planning Is the RESP outdated? Will it actually be able to help our children 18 years from now? Both excellent questions and we are so glad you asked. Let’s go Back in Time The RESP started back in 1972 and was used to help parents save money for their children’s…
Canada’s Child Benefit vs. RESP: Which is better for my child’s future?
Millennial Parents Guide To Financial Planning For Children The average Canadian family with two kids will get about $200 more next year and about $500 more in 2019 through the Canada Child Benefit (CCB). And that’s just one advantage. _____ The recent increase in the CCB was a welcomed gift to families and the second…
Banks Push RESP to Get you Hooked
You’d think the 2008–2009 debacle would’ve shaken some sense into the country’s money people. You’d think it would’ve forced them to question everything they do. You’d think they’d see that the same old way was clearly not the way. And you’d think they’d have started with probably the most important issue we ⎯ and they…
Your Child’s Future Doesn’t Yet Exist: Don’t Let Your Plan Limit Their Options
70 to 80 percent of jobs will disappear in the next 20 years, according to research. Technology is transforming industries at an incredible rate – and this will only continue. Just look at what Tesla did to the taxi industry and oil companies. Our children’s future is getting more difficult to predict every year. Companies…
Is a $900 Stroller Planning for My Child’s Future?
Millennial Parents’ Guide to Financial Planning For Children! When did doing the best for our children get so expensive? As if sleep deprivation, physical exhaustion, brain fog, and loss of personal identity wasn’t already enough to cope with, parents have another battle to confront: avoiding the temptations of 21st-century consumption. Our social media feeds are…
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