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…
Blog
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 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…
Why Do Only 17% of Parents Only Know The Basics of RESP?
Canada Life recently conducted a study and surveyed 1510 Canadians. To no one’s surprise, they found that more than 80% of Canadian parents didn’t even understand the RESP. You Can Learn More Here. The study also concluded that even though 92% of Canadians are aware of RESPs – only 17% said they were aware of…
Top 3 Things Expecting Mothers Should Look Into To Plan For Their Child’s Future
Expecting a baby is such an exciting time. You have an excellent excuse to eat all of your favourite foods and take afternoon naps. Friends and family constantly show up at your place with baby gifts. And of course, most importantly – you are preparing to bring a human into this world. Now, parenting duties…
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…
How To Save Money for Kids: What Are Parents Options?
Every parent has big dreams for their child’s future. They want them to be happy, financially secure, get a great education, buy their dream home and pursue their dreams. However, parents’ options are severely limited in Canada when it comes to investing or saving for their child’s future. There are primarily only four options available…
Is The RESP Relevant Anymore After Covid?
The world has changed in so many ways in the past 20 years and then the pandemic. 20 years ago if I grew marijauna I went to jail. Today my child works for a company growing marijuana and they’re paid $60,000 a year. 20 years ago I wanted to become a mechanic, I went to…
Personalize Your Child Plan™
Create your Child Plan™ Illustration and see how much cash value your child will have for their education and for life.
To learn more how Child Plan will provide your child with the funds for their future education and financial security for life, book a virtual meeting with a Child Plan Advisor.
Contact Us: childplan@insuranceforchildren.ca