Planning For A Child's Education Costs

The increasing costs of a university education is clearly recognized.

Many people would like to start setting funds aside as soon as possible for minor children or grandchildren. And, of course, they would like to use the most tax-effective savings strategy possible. The strategy chosen often largely depends on their financial means, the children's ages and the length of time left to save.

For instance, older parents or grandparents sometimes have more excess capital to quick-start an education savings program for older children. On the other hand, younger parents with young children typically need to focus on paying down a mortgage and saving for retirement, and may have to take a gradual, long-term approach to education funding.

Regardless of your stage of life or family circumstances, you should know that there are several education-funding strategies that are effective. You may even choose to implement a combination of strategies.

An Investment Advisor can work with you to determine an education funding strategy that best suits your needs. Their expertise will help you navigate the various choices you have for saving for a child's education.

A variety of education savings plan options are offered, including:

Self-Directed RESP 

The need to save for children or grandchildren's educations has been long recognized. The hallmarks of a Self-Directed RESP are flexibility, control and broad investment choice.

Fund Partner 

The Fund Partner registered account is designed to provide you with a choice of more than 100 mutual funds. It's ideal for retirement and education savings programs, or as a maturity option for your existing RRSP.