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All about Education Savings, for the entire family.
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September 2016


Welcome back to the routine! The leaves are browning and the frost is on its way back already, even though June still feels like yesterday. With school back in session we thought it would be timely to go over the ins and outs of saving for education, whether for your child, grandchild, or even yourself!

Now that school is back in session and the flurry of summer vacations are behind us until next year, it’s time to get back into the swing of things. As exciting as it is sending the kids back to school, the time is fast approaching that they’ll face the decision of what to do after graduation.

If you’re one of the many parents who have already sent their kids off to college or university, perhaps for the first time this year, your routine probably looks a bit different than it used to, maybe including a trip moving the new freshman to campus, or to the bookstore to buy up to $1,000 of textbooks (for one semester at university!). If part of your new routine is a trip to the bank for a loan, this Education Savings edition of our newsletter may have been helpful about 18 years ago! 

Along with a look at the effect the U.S. election may have on the markets, in this newsletter Rick takes an in-depth look at details of Registered Education Savings Plans, the government grants awarded to these plans for qualifying holders, and the particulars of using RESPs when the tuition bill arrives. 

There are other ways to save for an education besides RESPs, however. Melissa discusses the additional benefits of insurance policies for your children and how these can be used for more than just life cover, Patricia tackles education for our generation: how to use RRSPs to go back to school, and Lorna gives an outline on how to use Registered Disability Savings Plans in conjunction with RESPs to maximize your savings after high school.

We hope you’ll find this education savings edition of our newsletter both helpful and insightful. As always, if you have a topic you’d like to see covered, let us know!

-- Natalie LeBlanc

September 2016 Market Watch

Rick Irwin, CFP, CLU

One of the most common questions we’ve been fielding from clients as of late is regarding the potential effects of the American election on the markets, at home and abroad. 

Education Savings Grants and Learning Bond

Rick Irwin, CFP, CLU

One of the primary benefits of opening an RESP is the government grants that are available through this plan. The Canada Education Savings Grant is open to all Canadians and the Canada Learning Bond is a bond designed for lower income families...
 

Taking Income from an RESP

Rick Irwin, CFP, CLU

Putting money away covers the bulk of the planning to be done for education savings, but the details of how you take money out of the plan can be just as crucial to ensure the money is available to your child when they need it.

Insurance for Your Child's Future

Melissa Allan

An insurance policy taken out for your child can serve more than simply asset protection if something were to happen to them. Additional riders can help their eligibility for insurance later in life and provide a nest egg for their future.

Using Disability Savings Plans to Save for Education

Lorna Maughan

If your child qualifies for the Disability Tax Credit, an RDSP might help with the costs of tuition and living expenses while going to school, if you plan ahead accordingly. The plan receives grants like an RESP but making withdrawals require that specific criteria be met first.

What if my child doesn't go to school?

Rick Irwin, CFP, CLU

If your child doesn't immediately go on to post-secondary education after high school, don’t worry. You have lots of options. Whether using the money for another child, or for yourself, it won’t have gone to waste.

The Necessity of Education Savings

Natalie LeBlanc

The price of a good education has skyrocketed over the past few decades, leaving many recent graduates buried in debt. Making an effort to plan and save for these expenses ahead of time is certainly the best way to alleviate future costs, but do we even know how much to save?

Why You Should Open an RESP

Rick Irwin, CFP, CLU

Just like you save for your retirement, your child (or grandchild’s) education should be a savings priority, if you don’t want the ever-increasing costs to fall on them when they graduate high school. An RESP is usually one of the best tools to save for their education, and take advantage of government grants in the process.

An investment in knowledge pays the best interest

Patricia Bell, PFP

… At least according to Ben Franklin. Whether you’re retired or considering a career change, you may have one more option to pay for furthering your education than your classmates: your RRSP.
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Insurance products, including segregated fund policies are offered through Trinity Wealth Partners Inc., and Rick Irwin, Melissa Allan, Lorna Maughan, and Patricia Bell offer mutual funds through Quadrus Investment Services Ltd. 
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
The information provided is based on current tax legislation and interpretations for Canadian residents and is accurate to the best of our knowledge as of the date of publication. Future changes to the tax legislation and interpretations may affect this information. This newsletter contains general information only and is intended for informational and educational purposes provided to clients of Rick Irwin, CFP, CLU, Melissa Allan, Lorna Maughan, and Patricia Bell, PFP. While information contained in this newsletter is believed to be reliable and accurate at the time of printing, Rick Irwin, Melissa Allan, Lorna Maughan, or Patricia Bell do not guarantee, represent or warrant that the information contained in this newsletter is accurate, complete, reliable, verified or error-free. This newsletter should not be taken or relied upon as providing legal, accounting or tax advice. Prospective investors should review the offering documents relating to any investment carefully before making an investment decision and should ask their advisor for advice based on their specific circumstances. You should obtain your own personal and independent professional advice, from your lawyer and/or accountant, to take into account your particular circumstances.    
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