Planning for a child's future
Supporting a child’s education can be one of the most important elements in your financial plan. With rising inflation and the high cost of tuition, planning for a child’s education may require an early start.
Registered Education Savings Plans (RESPs) provide an excellent tax-efficient and flexible way to save for this goal. The other compelling advantage is that contributions made to a RESP receive up to a 20% government grant, and with compounding returns, can make saving for an education much easier.
In Trust for Minor Informal Trust Accounts can also be used for a child’s benefit and offer flexibility if the child doesn’t attend post-secondary studies. They offer multiple investment options, limited tax benefits, and the ability to transfer assets to a minor without having to establish a more costly trust account.
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