This content is provided through a paid partnership between Moving2Canada and Scotiabank.
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Canada’s post-secondary schools are some of the best in the world, and even if this path doesn’t appeal, there are many alternatives that can help people further their education and study their way to a great career.
Unfortunately, like most things nowadays, post-secondary education costs are rising.
Many Canadians start saving for post-secondary education early. The Government of Canada has several tools that can help, including the Registered Education Savings Plan (RESP).
A Registered Education Savings Plan (RESP) is a long-term educational savings account that any adult can open. Its reserves can be used to fund any type of post-secondary education, including university, college, apprenticeship programs, CEGEP (in Quebec), and trade school.
Eligible adults in Canada can open a RESP for themselves, another eligible adult, their own child, or someone else’s child.
If you’re uncertain when or how to open a RESP, or how much money you should or could be putting in it, a Scotiabank Advisor may be able to help you.
There are certain advantages of opting for an RESP. Savings grow tax-free, compounded. Plus, the government contributes a percentage of every dollar invested into a RESP, up to a specified annual limit and up to a lifetime maximum.
We hope these tips help you plan with confidence and make the most of your educational savings.
Warm wishes,
The Moving2Canada team, in partnership with Scotiabank
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