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Higher education

September 15th, 2014 | Posted by Amy Boughner in Parenting | Sponsored

Disclosure: I am part of the RBC RESP blogger program with Mom Central Canada and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own.

Before going back to university this year I graduated college with a 2-year diploma and a 3-year degree. In 2007 I owed almost $40,000 for my education. My tuition for my last year of university was about $4,600. My tuition for this year of university is almost $7,000. That increase happened in 7 years. 

Back in the classroom

Back in the classroom

When our daughter was born Joe and I knew that we wanted to start saving for her education. Neither of us wants to force her into university, but we want her options to be open. When she finishes high school she can take some time off, she can go to college or she can choose university. The money will be there for her because we opened an RESP and we’ve been putting money into that account every month. The contributions fit into our budget now, and they’ll add up nicely since we started so early. And, of course, we can increase contributions as our income allows.

The RESP is also a great place for monetary gifts from family to go.

The great news is that if she gets scholarships or chooses a different path, that money can go right into our RRSP for our retirement. Even better? The government will help out too – The Canada Education Savings Grant will match up to 20% on the first $2,500 contributed annually. It’s a win-win. You can learn more about all aspect of RESPs from RBC. RBC understands that your child’s future is one of the most important things to you and is offering resources to help you make the best decisions.

RBC is hosting a Twitter party on October 1 and you can join in with the hashtag #RESPwithRBC and have the chance to win one of 6 $100 gift cards. RBC is also having a contest, Grow Your RESP with RBC, and you could win $500 towards your child’s future. You can enter here.

One of the most important things for me is that my daughter has all her options open when she’s done high school, without debt factoring in to her decisions.

Off she goes, wherever she wants

Off she goes, wherever she wants

Disclosure: I am part of the RBC RESP blogger program with Mom Central Canada and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own. 

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