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…
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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…
Is the RESP an Education Savings Plan, or Government Program That Limits Our Children’s Futures?
When we have children our previous lives end and our new lives begin. From the day they’re born we love them, care for them, want them to be happy all the time and dream of the life they will have and how we’re going to help them live up to their full potential and their…
Parents Suing RESP Companies Due to Sales Fees That Cost Them $11,000
It’s difficult to know who to trust with our children’s education savings. That was why so many parents chose RESP’s. We believed it was a government savings account for our children’s future and their money was safe. Now we learn that a parent in Quebec has launched a class action lawsuit against RESP companies when…
Top 6 Questions Every Parent Should Ask Before Opening an RESP
In order to get the right answer from a salesperson, you have to ask the right questions. The RESP was first created in 1972. It was a tool that likely helped your grandparents save for your parents’ education. But the world we live in has changed quite a bit since then. Your children’s future education…
Is The RESP Outdated?
Millennial Parents’ Guide to Financial Planning Is the RESP outdated?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 Child Benefit Is Like Free Money For Your Child’s Future!
Think about the Canada Child Benefit (CCB) like this: what would you do if you found $100 bill on the sidewalk in front of your house Every Month? How happy would you be? Now for the philosophical question: would you spend it or save it? If you’re like most people today, you’d likely be really…
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…
68% of Parents Would Not Have Saved With RESP For Their Children’s Education
Parents have started to realize that the RESP is not the solution to their children’s education costs but may be the beginning of their problems. For over 20 years the banks, group RESP companies, and governments have promoted to new parents that the RESP is the only solution to saving for their children’s education, yet;…
Why the RESP could deny children the freedom to choose their own path
Is this it? Is the RESP the only option for my child’s future? As parents, we want our children to have a better life than us. But today our children are drowning in student debt. When I went to university my tuition in Montreal was $960 a semester. When I graduated I had a total…
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