We have been hearing about tuition fees for months and although post-secondary education may seem a long time away for a mother who has just given birth, time really does fly… your own mother would agree. At that moment, you will have to spend several thousands of dollars a year to give your children the final push that will allow them to take off.
Any accountant will tell you, it’s wiser to plan for the future now in order to avoid making sacrifices later, when you may want to spend time as a couple and enjoy your financial stability. The first step is to choose a plan and investment amount suited to your needs. Here is what Universitas Trust Funds offers you.
How much should I invest?
A Quebec family, for example, can invest as little as $0.38 per day, which represents to less than $12 per month. As the federal government offers the Canada Education Savings Grant and the provincial government offers the Quebec Education Savings Incentive, even a modest amount can quickly grow when invested in a RESP and the accumulated amount will be very useful when you will need to pay tuition fees and buy school supplies for your future young professional. If your child chooses not to study after finishing high school, you will get a full refund of your savings.
When should I start?
Although an earlier start will increase the growth of your savings, and for a smaller monthly investment, it's never to late to start. Indeed, as soon as you open your RESP, Universitas Trust Funds will request the governmental grants for you and you will begin earning money for your child’s education right away.
Founded in 1964, Universitas Trust Funds is an RESP industry leader in Quebec and New Brunswick. Their structure as non-profit organization allows them to concentrate all their efforts on offering the highest possible scholarships.
You can learn more about Universitas Trust Funds and find out how to subscribe to a RESP on their website.