{"id":8243,"date":"2015-12-10T09:11:11","date_gmt":"2015-12-10T14:11:11","guid":{"rendered":"https:\/\/mayahoodblog.com\/?p=8243"},"modified":"2015-12-09T23:11:49","modified_gmt":"2015-12-10T04:11:49","slug":"a-win-win-opportunity-for-families-looking-to-invest-in-their-childrens-education-resp","status":"publish","type":"post","link":"https:\/\/mayahoodblog.com\/a-win-win-opportunity-for-families-looking-to-invest-in-their-childrens-education-resp\/","title":{"rendered":"A WIN-WIN opportunity for families looking to invest in their children’s education"},"content":{"rendered":"
The cost of raising kids to age 18 is crazy expensive. In fact, a recent report stated that the estimate is around a\u00a0quarter of a million dollars per kid. The really crazy part is that amount doesn’t include any post secondary education costs.<\/p>\n
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To keep up in today’s competitive environment, obtaining post-secondary education is a must! Depending on where you live and the program in which your children choose to enroll, parents might be\u00a0looking at spending many thousands per year. However, most Canadian families can’t afford this cost, especially since University costs are expected to rise 13% over the next four years. \u00a0It’s no wonder that applications for student loans continue to\u00a0rise. Students requiring a Canada Student Loan now graduate with an average debt of over $28,000. High levels of student debt has a significant negative impact on graduates and our economy as a whole.<\/p>\n
However, as a parent, you can help ease that financial burden by contributing to your children’s Registered Education Savings Plan (RESP). When you make contributions, the government will match a certain percentage and your children can withdraw from it tax free when they apply it\u00a0towards their post-secondary tuition costs.<\/p>\n
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What most Canadians don\u2019t know about saving for their children\u2019s post-secondary education is that they can receive up to $2,000 from the Canadian government to be put into an RESP of their choosing. \u00a0Through the\u00a0Canada Learning Bond<\/a>, when you open an RESP, the Government will deposit $500 right away and could deposit up to $1,500 more by the time your child is 15, even if you don\u2019t contribute any money yourself. That\u2019s up to $2,000 for your child\u2019s education after high school.<\/p>\n <\/p>\n