Presentation: There’s more to education savings than RESPs

To make it easier for you to prepare materials for clients, we’ve developed these slide selections on how to save for a child’s education. We know you’ll want to customize them and add elements specific to your client, so we’re providing a Word file to make that easier.

Enjoy, and we hope this offering helps enhance your client meetings.

SLIDE 1

There’s more to saving for school than RESPs

SLIDE 2

47% of parents have yet to open an RESP, finds a survey by Chartered Professional Accountants of Canada.

SLIDE 3

Why RESPs are useful

• They can pay for college or university in Canada or abroad.
• They can pay for skill development at educational institutions in Canada certified by the Minister of Employment and Social Development Canada.
• The government will match up to 20% of your contributions.
• You’ll have access to the Canada Learning Bond.

SLIDE 4

Opening an RESP

• Register your child for a Social Insurance Number.
• Decide on an individual, group or family plan.
• Choose investments. (We’ll do this together.)
• I’ll help you open an account.
• Apply for the Canada Education Savings Grant and other benefits.

SLIDE 5

RESP limitations

• Maximum contribution of $50,000 per child.
• Some or all grant money will have to be repaid if your child doesn’t go to post-secondary school.

SLIDE 6

Other ways to save

• Living trust
• Life insurance
• In-trust account

SLIDE 7

Living (inter vivos) trusts

• Two types: revocable and irrevocable.
• Revocable trusts give you control over the money. Irrevocable trusts give you tax benefits.
• Your child gets the money at a day designated in the trust documents.
• Drawback: complex and expensive to set up.