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I have been avoiding something for too long. I have been avoiding that something for almost thirteen years! I know I should be taking care of it but I always find an excuse to avoid it. This week I am taking steps to save for my kiddos education and I am opening a Registered Education Savings Plan (RESP) for each of them. It is never too late (or early) to help them reach their “Someday”.
I am a little embarrassed that I had put it off for so long but am now relieved that registration is now in motion. I truly did not realize how easy and beneficial RESPs can be. I also thought I had more time. The eldest is only 5 years away from her secondary education!! Where does the time go?
What is an RESP?
A Registered Education Savings Plan (RESP) is a tax-shelter plan that can help you save up for your child’s post-secondary education.
RBC’s Registered Education Saving Plans offer parents a smart, easy way to plan for their children’s educational future. Providing flexible options, such as when to open one and how often to contribute, it helps make post-secondary education a bit less scary.
First step to opening an RESP
I had to register both kiddos for an Social Insurance Number. Apparently I have been putting off a lot of my motherly duties. I think I was close to 16 before I registered for my SIN card. Oh and they do not have cards anymore. Once you have visited Service Canada and received a SIN (usually created during visit) you can set up a meeting with an RBC advisor.
RESPs are flexible and convenient and get you access to FREE MONEY
You choose how much and when to contribute and you can adjust your payments at any time. You can make a lump-sum contribution or set up automatic contributions. Your weekly, bi weekly, monthly, quarterly payments can all be automatically debited from your bank account at RBC or another financial institution. You can boost your savings by asking about
I am taking baby steps with our RESPs. Setting up a monthly deposit to start and I will be encouraging Grandparents, Aunts and Uncles to make gift contributions as well. The thing with RESPs is that every little bit helps. Even small contributions add up quickly with an RESP-Matic: Set up regular contributions and see your savings add up! 25/week can add up to $50,911 in 18 years as the graphic above illustrates. That was enough to convince me to get contributing and to learn more.
To learn more about RBC RESPs take a look at their website HERE.
Or join RBC at their twitter party to learn more.
Want to learn more about RBC RESPs? On September 17th at 9:00pm EST join RBC to learn all about their RESPs. All chat participants will have the chance to win 1 of 6 $150 Visa gift cards. Follow the hashtag #RESPwithRBC and join in the conversation!
***Twitter Party Alert***
When: September 17th at 9:00pm EST
Prizes: 6 – $150 Visa gift cards