$1.6 million
Home valued at $1.25 million Investment Account: $600K
Mortgage: $250K remaining Car loan: $15K
An Education Savings Plan in Canada supports your child’s student education plan with tax benefits and CESG grants. A Registered Education Savings Plan (RESP) offers tax-sheltered growth with a $50,000 maximum RESP contribution limit, while a TFSA provides additional savings for education in Ontario and beyond, reducing financial stress when tuition payments begin.
Combine RESP savings, TFSA contributions, and family gifting options to maximize grants and grow funds tax-efficiently.
It’s best to start as early as possible to take advantage of compounding returns, RESP grants, and long-term growth.
A solid education plan includes RESP contributions, CESG maximization, gifting options, and effective budgeting to meet education costs.
An Education Savings Plan in Canada supports your child’s student education plan with tax benefits and CESG grants. A Registered Education Savings Plan (RESP) offers tax-sheltered growth with a $50,000 maximum RESP contribution limit, while a TFSA provides additional savings for education in Ontario and beyond, reducing financial stress when tuition payments begin.
Aligned Capital Partners Inc. (“ACPI”) is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and Canadian Investment Regulatory Organization (“CIRO”). Securities advice and services are provided through ACPI (or) Watson Securities, an approved trade name of ACPI. Only securities-related products and services are offered through ACPI/ Watson Securities and are covered by the CIPF. Financial planning and insurance services are provided through Watson Investments. Watson Investments is an independent company separate and distinct from ACPI/ Watson Securities.
