Another school year is approaching. It still feels like summer
just got here and I’m already preparing for my kids to head back-to-school this
fall. I can’t believe I have a little girl starting grade four and a little man
starting grade two. It feels like it was only yesterday I was putting them on
the bus for the first time. Speaking of time, it sure does fly by!
Given how quickly life seems to be progressing, I love that,
even though my little girl is nine, she has already told me she wants to be a
fashion designer once she gets older. Now, of course that might change since
she’s only nine, but I love that I can talk to her about what she wants to do
when she is an adult and that college is an option. I know that preparing for
not only hers, but my other two kids’ futures is a must and I’m so glad that
the hubby and I have already started.
(Very first day of
school)
We’ve had an RESP for our kids since we found out that we were
pregnant with our first child. If you’re not familiar with an RESP, it’s an
education savings plan registered under Canada's Income Tax Act that is made
for your beneficiary (usually a child) to help finance their post-secondary
education. The RESP is tax-sheltered until the plan matures (usually when the
child turns 18). What I love about RESPs is that they can also allow you to apply for various government grants on top
of what you invest in the plan. That helps us parents, relatives and friends
save even more for a child's post-secondary education. I also love that if your
child decides not to pursue a higher education, you’re still able to withdraw
the money you’ve put into the account or you can transfer the RESP to another
child.
Having a RESP for your little one will help them fulfill their
dreams of pursuing a career that they really enjoy. Give the gift that will
last a lifetime. You can find out more about RESP's from HeritageEducation Funds.
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