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December 31 is an important date for education members with young children (or grandchildren). Why? Because that’s the contribution deadline for a Registered Education Savings Plan.

Educators Certified Financial Planner professional Jamie Cote has been following the rising costs of post-secondary education. After all, like many Educators clients, he has young kids of his own. “The 2018/19 average tuition for a Canadian undergraduate student was $6,838 a year”, says Jamie. “And Statistics Canada predicts that by 2035, that cost will rise to $19,900 – so unless you hit the lotto jackpot, saving early for education costs needs to be baked into your financial plan if you have children, or are planning to have them in the future.”

That’s where a Registered Education Savings Plan (RESP) can help maximize the money you put away. “Similar to the RRSP you’re using for save for your retirement, an RESP is a tax shelter,” explains Jamie. “Investment income earned within an RESP is not taxable while in the account. Plus it’s the only type of education savings account that attracts the Canada Education Savings Grant (CESG), which is basically free government money. You will earn 20% on every dollar you contribute annually (up to $500 on a $2,500 contribution), so why wouldn’t you want to invest your education savings in an RRSP?”

How can educators put money away when you’re already trying to pay down a mortgage, take the occasional (well-deserved) holiday, and save for retirement? “Educators Financial Group can help. Because we work exclusively with the education community, we understand your cash flow – so we can work with you to come up with a financial plan that works RESP contributions into your specific budget”, says Jamie.

Whether you want to ‘talk’ RESP, RRSP, TFSA or more – we can provide you with educator-specific advice to get you one step closer to your financial goals.

Having served education members since 1975, Educators Financial Group knows the ins and outs of everything from pay grids to pension plans. Which means we can help you uncover ways to save for a child’s post-secondary education that works within your daily, weekly, and monthly budget.

Have a question? Tell us what it is and we’ll get back to you.

PLUS! Learn everything you need to know about RESPs here:




The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting or professional advice. Please ensure to consult your accountant and/or legal advisor for specific advice related to your circumstances. Educators Financial Group will not be held responsible or liable for any losses, costs, damages or expenses incurred by reason of reliance as a result of the aforementioned information. The information presented was obtained from sources that are believed to be reliable. However, Educators Financial Group cannot guarantee their completeness or accuracy.



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