Give the Gift of Education
Do you have a future engineer, technologist, doctor or artist in your family? While building blocks, art supplies and electronic gadgets may top many wish lists – and these are all great gift ideas – a contribution to their education savings is a show of confidence in your child, their dreams, and it is a gift that will keep on giving.
While many young children may not fully understand or appreciate what “education savings” means, knowing that their family believes in them will give them the confidence to explore and follow their dreams. Or as Dr. Seuss so eloquently put it, they will be “… off to great places!”
Since money is a concept many young children are just learning, one fun way of wrapping the “gift of education” could be to include a postcard or card with a personal message, alongside a gift from their wish list. For example, for a future engineer, you might include a card with construction equipment with building blocks. In your message you can explain that money was deposited into a special account, called a Registered Education Savings Plan, so when they get older they can continue to follow their passions.
A Registered Education Savings Plan or RESP is a smart and proven way, to invest in your child’s future. Uniquely Canadian, an RESP provides a tax shelter on money earmarked for your child’s education, plus access to government grants and bonds to help you achieve your education saving goals for your child. And thanks to compound growth, the sooner you start saving the more your money will grow.
Where to start? An individual RESP, like our Flex First Plan, provides many flexible options to suit your current needs – you choose the amounts and timing of your contribution. Whenever you want to increase or decrease your contribution goal or alter the timing of your contributions, we can make those adjustments for you. Plus, you can make additional contributions, which means holiday or birthday money gifts can be added at any time. We believe in the power of education to open doors and strive to ensure our families maximize their education savings so their children can have the freedom and ability to make decisions tomorrow.
“As RESP specialists, we inspire students to realize life’s possibilities by enabling families to maximize their education savings.”
We don’t expect the trend in rising education costs to change anytime soon but you can find peace of mind. Start saving for post-secondary education early, make regular contributions, and take advantage of government grants. And earmarking a few dollars over the holiday to invest in your child’s future is a great place to start; it’s a gift that keeps on giving.