Educating Your Child
Summer is almost over. Labour Day weekend is almost upon us and after that, school starts. The lazy, hazy days are over for another year. As our thoughts return to the education of our children, panic may set in. The costs of post secondary education have been rising and we don't want our children to start off their professional lives, drowning in debt! So what can a parent do? RESP's - Registered Education Savings Plan - are the first thought. Especially since the government will contribute 20 cents for every dollar you put in, up to $500 on an annual contribution of $2,500. Although there are no limits to yearly contributions, there is a lifetime maximum of $50,000. Now, if you are a low-income family, there is more help from the government. You can apply for the Additional Canada Education Savings Grant (A-CESG). This money is added to the RESP to help reach the maximum contribution amount. And it can be used if the child wants to go to university, college, trade sc...