A post-secondary education is one of the best ways to get ahead in life, but it comes with a cost.
According to Statistics Canada, full-time undergraduate students in Manitoba can expect to pay an average of $5,386 per year in tuition. Additionally, the University of Manitoba website states that students can expect to pay roughly $8,200 per year for one year of University 1 courses, with other provinces having fees even higher than that.
Enter the Registered Education Savings Plan (RESP). An RESP is an excellent investment vehicle designed for a parent (or grandparent, spouse or common law partner) to make after-tax contributions over time.
Another great advantage the RESP has is access to the Canada Education Savings Grant (CESG). With an RESP, eligible families can receive up to $500 per year for a lifetime maximum of $7,200 per student (until age 17). CESG benefits can only be received if other contributions are being made to the account.
If you’re interested in learning more about RESPs, or setting up savings for your family, talk to the experts at Access Credit Union for more information. Contact us today!
