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

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

SLIDE 4

Opening an RESP

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

SLIDE 5

RESP limitations

  1. Maximum contribution of $50,000 per child.
  2. 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

  1. Living trust
  2. Life insurance
  3. In-trust account

SLIDE 7

Living (inter vivos) trusts

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