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  1. #1
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    Default Saving for Education

    Once I return to work (Tuesday GASP!), we want to start putting some money aside each month for DD's schooling when she gets older. There are so many different options out there, thought I would see what some of you mamas do/reccomend.

    Keep in mind... when I say some I don't mean much... maybe $25-50 months while we try to tackle the debt we accumlated with Maternity leave.... but something that I can increase the value if I want.

    TIA
    *~* The point isn't whether they lived happily ever after, the point is that they lived*~

  2. #2
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    i put the monthly universal cheque in an account for each child and when it gets to be a certain amount i roll it into a resp.
    Mommy to 3 great boys!!



  3. #3
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    We opened an RESP account at our bank and set up a monthly auto transfer to it which can be changed anytime. The government adds grant money quarterly to the account as well.


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    It's great that you are thinking about your DD's future.
    We started an RESP through the bank. I put any of DS's bday or Xmas money in it, plus we make bi-weekly contributions automatically from our account. Right now, it is $50 each time, but we can increase it anytime.
    Every little bit helps. Education is only going to be more costly and I feel the government is really making it easy to do, by contributing to it also. It's amazing how it adds up quickly. (I think DS has more $ than me right now
    We even tell family that if they want they can write a cheque in DS's name, and it will only go to his RESP account. Have you set up a SIN number yet for your child? I think you might need that to set up the RESP.
    DS June 2007
    DD April 2010


    "No influence is so powerful as that of the mother."- Sarah Josepha Hale

  5. #5
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    we just opened an RESP for DS at the bank.... so now family can deposit into it for his bday, christmas, etc.


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    We looked at RESP through private companies and decided on getting one through the bank. Check out the regulations but the jist of it is the government will match a certain portion of the amount up to a max each year. There are tax breaks for the amount you put in but if the child doesn't use it for school there are penalties.

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    We got ours through the Canadian Scholarship Trust foundation. We put in 100 per kid per month.

    We get the principle back when the plan matures- then the interest is doled out in 3 or 4 increments in the name of the child, which means little tax paid on it. I am really happy with this plan - we get info yearly on how much our plan has earned. I can also check it online. Plus, the CSTF is charitable, so any extra profits left over from the investments goes to topping up the funds of the plans that are maturing that year. The year we started, there was a couple million or something being used as plan top ups, to the tune of a couple thousand per plan recipient. And the government matches things as well... all and all we are happy with our choice of plan.

  8. #8
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    Quote Originally Posted by nananana View Post
    We looked at RESP through private companies and decided on getting one through the bank. Check out the regulations but the jist of it is the government will match a certain portion of the amount up to a max each year. There are tax breaks for the amount you put in but if the child doesn't use it for school there are penalties.
    Just wanted to clarrify - any type of fund can receive the government grants / bonds. There are no tax breaks for the person making the deposit (kind of the opposite of an RRSP) and no tax penalties if it's not used for school. If the child doesn't go on to school and no other child in the family will be then the principle and its income earned can be rolled into your own RRSP (assuming you have room) - the only thing that must be repaid is the government grants/bonds.

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    We put $50 per month in an RESP through our financial advisor. We will up the amount with subsequent children. We chose a family RESP that will be able to be used by the children, instead of one per child. Good luck at work on Tuesday.

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    We opened an RESP through the bank. We only put in $25 a month, but grandpa that lives on the other side of the country can add to it on birthdays.

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