Education
Why You Should Avoid Group RESPs
Most parents should know that contributing to an RESP is a great way to save for your child’s education. But there’s one type of plan that gives RESPs a bad name. Group RESPs, or group scholarship trusts, are heavily marketed to new parents and immigrants at doctor’s offices and trade shows. These RESP dealers employ…
Read MoreFrom The Boomer & Echo Mailbag: Funding Your Grandchild’s Education
Question: I would like to contribute to my grandchildren’s education. Their parents already contribute the maximum amount to their RESPs each year in order to receive the government grant. What are my options? Answer: The costs of post-secondary school are rising exponentially, so kudos to you for wanting to help your grandchildren with the gift…
Read MoreTarget Date Funds: A Smart Solution For Your RESP?
If you think of saving for retirement as a marathon and not a sprint, investing in an RESP might then be best described as a middle-distance event. That’s because unlike RRSPs, where you hold onto your investments for three or four decades before withdrawing the money in retirement, the process for RESPs is much more condensed…
Read MoreScholarships Can Pay For Expensive Education Costs
With the cost of post-secondary school education rising astronomically each year, it makes sense to pursue every avenue of financial aid. Yes, you’ve been saving in an RESP and there are student loans available, but don’t overlook scholarships, grants and bursaries. Millions of dollars are unclaimed each year because students don’t realize they exist. Scholarships are…
Read MoreHow To Set Up An RESP
My wife and I made it a priority to set up an RESP for our daughter just a few weeks after she was born. As new parents with little free time we weren’t sure where to go and what type of account to set up. To complicate matters, we were bombarded with pamphlets and brochures promoting group…
Read MoreHow Parents Can Give Their Kids A Financial Leg Up
In a Globe and Mail column last year, Rob Carrick took parents to task for not saving enough for their kids’ education. He said that parents talk a good game – 82 percent want their children to attend University – but the numbers suggest they’re not backing it up with financial support. In a survey of 1,538 young…
Read More5 Financial Tips For High School Graduates
Congratulations! You’ve finally made it! Another graduation season is wrapping up. You’ve listened to an inspiring valedictorian speech, the caps have been tossed, and you’ve partied all night at prom. Perhaps you’ve lined up a lucrative summer job and have been accepted at your chosen post-secondary educational institution. There are exciting days ahead. Related: The…
Read MoreMore Money For Beer And Textbooks Podcast
I had the pleasure of being a guest on the More Money for Beer and Textbooks podcast recently where I was interviewed by Kyle Prevost from My University Money. The topic was student banking and we talked about whether University students should get a credit card while they’re in school and what pitfalls they can…
Read MoreWhen Doing What You Love Doesn’t Pay The Bills
We’re taught to follow our passions, but what happens when doing what you love doesn’t pay the bills? A post-secondary degree is almost essential to get a decent job in Canada, but there’s a significant earnings gap for graduates depending on their chosen field of study. Related: What If You’re Not University Material? A CIBC…
Read MoreMy TD e-Series RESP Portfolio
One of the first things we did after our kids were born was open an RESP account. We set-up a family plan, rather than a single beneficiary plan, and have contributed $200 per month for the past few years. We just put money into a GIC for the first year. The account was easy to…
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