From 18 years: At this point, your children are preparing to immerse themselves in the real world. Hopefully they have a good understanding of the value of money and the expertise to run a savings account responsibly. Now is the time to talk to them about budgeting, education costs, student debt, and more. Do you want to know how? Read the full article here.
How to get kids used to saving
Knowing the value of a dollar (and how much ramen to buy with it) helps children develop better relationships with money. When children start with their own real bank account, that knowledge can be nurtured. Look for a children’s bank account with low or no fees, as you don’t want fees to eat up their smaller contributions. If you can find an account that will help you earn interest, all the better. Read more about what to look for in a children’s bank account here.
What is an RESP?
A registered education savings plan is an investment account designed to save for a child’s education. An RESP allows investments within the account to grow tax-free, meaning no money is owed to the government from capital gains, interest, or dividend payments. One big perk of this account is that the government will pay you a grant of up to $ 7,200 (and possibly more if your family is on a low income) during the life of the plan. To learn more about RESPs, read the whole article.
How to Get Out of an RESP. withdraws
When the time comes to cover the costs of post-secondary tuition, housing, and books, understand the steps involved in withdrawing from your family RESP. Regardless of who made the contributions – a parent, grandparent, other family member or family friend – the withdrawals are usually taxed on the student’s income. Usually the student income is typically much lower than that of the contributor so the amount of tax owed is generally very low or even $ 0. This is the top-level strategy, but there are other tips that will help you maximize your RESP savings and returns. You can also find tips for financial planners on withdrawing from this type of account Read this article.
How to do RESP withdrawals for children with different educational backgrounds
Parents know that no two children are alike. One child may be attending culinary school while another is doing college and the other is attending art school. Different educational paths are associated with different costs and different challenges. If you are looking for advice on how to finance various types of school, Read this article.
How to Help Children Save Money on Student Housing Costs
Housing costs can be very high (they can easily add up to a shocking $ 50,000 over four years of study). However, there is a way to turn that financial burden into an opportunity if you are fortunate enough to have the financial means: Buying a property near your child’s chosen post-secondary facility and becoming their landlord Help both of you save money (especially if your child rents rooms to their classmates). Read more about it in the full article.
Guide to Financial Aid for Colleges and Universities in Canada
Aside from your own savings and parental contributions, there are many ways to finance your education. Obtain a list of the scholarships, grants, grants, and state loans that may be available to you exactly here.
How to apply for OSAP
If you have to finance your studies but have little savings, you can cover all or part of the costs with student loans, depending on the amount approved. The Ontario Student Assistance Program (OSAP) works in conjunction with the federal loan and scholarship programs to ensure that you can continue the education you want with a relatively low-interest loan after graduation. For more information on applying for OSAP, see check out the whole article.