| Glossary of
Financial Terms | | |
| Who is
eligible for the RESP grant? |
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| Legislation in recent years has
introduced an added dimension to the realm of Registered Education
Savings Plans (RESPs). The Canada Education Savings Grant was developed
by the federal government to augment RESP contributions by adding
20% to the annual amount contributed up to a maximum of $400 per year.
Who is eligible for this grant? |
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| An educational
RESP for rising costs - Which do you choose? |
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| We are all well aware that the
cost of post-secondary education keeps increasing. For parents or
Grandparents who wish to assist in financing a child's education,
one of the key problems faced is choosing the best investment vehicle
to achieve the desired goal. For many the dilemma is between choosing
an RESP. |
|
| Start saving
now for your children's education |
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| If you're hoping your children
will get a higher education someday, get ready for a shock. When you
take everything into consideration, the total cost for a diploma or
degree could be terrifying. In fact, the 1995-96 student budget prepared
by the Canadian Federation of Students allocates $8,890 for tuition,
books, rent and food. Assuming inflation continues at three per cent
per year, a four-year undergraduate degree in 2014 will cost more
than $65,000. CDN. |
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| Beware
of tax implications of gifts to grandchildren |
|
| Well meaning grandparents often
make investments in their grandchildren's names to provide a future
nest egg or to help defray the expected high costs of a College or
University education. Registered education plans are sometimes used
for the latter purpose but these have some restrictions and the possibility
of forfeiture of any income earned if the funds are not used for educational
purposes at a recognized institution. |
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