Education Planning

Get Smart About Education

One of the smartest decisions you can make is to start planning now for your children's future education needs – specifically, their post-secondary education. After all, there's no avoiding the facts.

The costs of post-secondary education is skyrocketing leaving many young adults with huge debts. So while it's increasingly important to have a post-secondary education, government funds available for loans and scholarships aren't as plentiful as they used to be.

Investing In Learning

A Registered Education Savings Plan, better known as an RESP is the government's way of helping you help your children. It is used to save and invest for your children's post-secondary education. A lifetime limit of $50,000 per child can be contributed to an RESP. And when it comes to contributing, you're not alone, grandparents, relatives and friends may also be able to contribute to your child's RESP.

Benefits Of RESPs

RESPs offer the following advantages:

• The federal government may pay a Canada Education Savings Grant (CESG) of up to $500 per beneficiary per year.
• Contributions grow tax-deferred while in the RESP
• Funds withdrawn to finance education are payable to the beneficiary and are taxed at the beneficiary's income tax rate

For RESPs, we can deliver the following solutions:

• Self-Directed Plan 
  Offers flexibility, control and broad investment options.
• Fund Partner Plan 
  Gives you a choice of more than 100 mutual funds with no annual administration fee.

Do Your Homework

Your CIBC Wood Gundy Investment Advisor can assist you in selecting the best savings plan and provide you with solid financial advice to help your children fulfil their dreams. To find out how we can help you, use our Find An AdvisorOpens a new window in your browser. tool to locate a CIBC Wood Gundy Investment Advisor near you.