In the last post I finished up with a very quick overview of the grants available to your children. Like virtually any investment, time is a critical piece in generating earnings. In this situation we’re thinking of tuition or any post-secondary costs, but the message is the same –take advantage of these benefits as soon as they’re available to you.
The GOC site identified a number of grants that as a new or expecting parent, you’re able to take care advantage of. The first is Registered Education Savings Plan(RESP). I think a good question to consider is why the Canadian government offers incentives to save towards post-secondary education in the form of federal and provincial grants? The answer is really no different than why registered or tax-deferred savings plans such as Registered Retirement Savings Plans (RRSPs) or Tax-Free Savings Accounts (TFSAs) are made available to Mom and Dad. While at different stages of one’s life, education, like retirement, are equally important to Canadians. They enable us to save for events that are costly and improve our standard of living.
The following are the grants and incentives available nationally and within specific provinces:
British Columbia Training and Education Savings Grant
Canada Education SavingsGrant (CESG)
Canada Learning Bond (CLB)
Quebec Education Savings Incentive (QESI)
Saskatchewan Advantage Grant for Education Savings (SAGES)
If you’re interested in learning more about your own child’s options, enter our contest and select the checkbox that asks if you’d like to understand how you can take advantage of $7,200 dollars in government grants. You won’t be disappointed!