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Encourage your parents to contribute to their grandchildren’s future education. They can open additional education savings plan for your children and make regular contributions. It’s a great way to make your parents feel included in your children’s future.
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As your children get older, they will start to beg you to buy candy or chocolate, the newest toy, the latest video game, the trendiest clothes or some other cool, neat or awesome thing.
When this happens, consider giving them an allowance and teaching them the value of money and saving for the things that they want. Teach them to set aside part of their allowance towards their future education.
When your children become old enough to work a paper route or other part-time job, they will be in the habit contributing into their own education savings plan.
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Did you make an RRSP contribution or overpayment in your income taxes? If so, use your tax refund to fund your child’s education savings plan. Don’t forget that money could also qualify for the Canada Education Savings Grant. |
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If you already have an RESP check that you may be eligible for addtonal grants. In 2004 the government introduced Additional grants that you may not have originally applied for. Eligibility depends on net family income. These Additional grants could add up to $1,800 to a child's registered education savings plan. |
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