Parents are finding it tougher than ever to save for their children’s post-secondary education as the rising cost of living ramps up financial pressures.
MONTREAL -
“Are they paying for post-secondary education and saving for their own retirement and funding other expenses, like renovations and vacations?” Petrera asked. Ottawa matches 20 per cent on the first $2,500 put toward an RESP each year, via the Canada Education Savings Grant , for a total of $500 per year, with higher rates available to lower income families. The lifetime maximum grant amount is capped at $7,200, while total contributions to RESP accounts are limited to $50,000 per beneficiary.
RESPs can comprise a major part of a family’s education funding, but should not be viewed as a “standalone” plan, Petrera said. Non-registered investment accounts offer a supplementary option.
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