Saving for School
Understand RESPs, Take Control of your Savings, Minimize Student DebtBook - 2013
The most important investment parents can make is finally simplified, Gail-style
The the average debt hanging around the necks of Canadian graduates is $27,000. So when they don their caps and gowns and look forward to the future, what they are actually looking at is decades of payments. Yet only 35 percent of eligible kids receive the Canada Education Savings Grant--up to $7,200 that the government wants to GIVE parents as a reward for saving for school. So why don't more parents use RESPs?They don't understand how they work They say they can't come up with the money They don't know about the grant--the free money They aren't convinced their kids will need their help The language and rules just seem too complicated Saving for School will explain the ins and outs in Gail's trademark clear, straightforward style. It takes parents and future students through the steps of putting money into a plan and taking it out in the most taxeffective way. The book makes following the rules and regulations simple and shows you how to set your plan up to work for YOU (as opposed to making it easy on your financial institution).
Beyond RESPs, Gail offers a full plan for minimizing your student debt and guides you through how much student loan you should take on, along with offering general tips and strategies for saving and for following a budget at school. With Gail by your side, there's no excuse not to start Saving for School.
From Library Staff
SPL_Sonya Oct 18, 2017
According to Gail Vaz-Oxlade, Canada's personal finance expert, graduates are coming out of school with record levels of debt. In her easy to understand book, the author outlines ways in which parents and students can make plans to minimize such debt. Included is information on the Registered ... Read More »
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The autumn is when high school students and their parents turn their attention to post-secondary open houses, information nights and applications. It is also a time to consider the cost of a post-secondary education.
According to Gail Vaz-Oxlade, Canada's personal finance expert, graduates are coming out of school with record levels of debt. In her book, Saving for School, she outlines ways in which parents and students can make plans to minimize such debt.
She recommends that parents set up and start contributing to a Registered Education Savings Plan as early as possible. The RESP is a tax free investment vehicle which includes a grant that the government gives to families as an incentive to save for their children's post-secondary education.
Vaz-Oxlade walks through the process of choosing a RESP provider and the various ways to invest. She also warns against high fee RESP providers. Do your homework!
She touches upon the Canada Learning Bond, a grant paid by the government of Canada, as a means to assist low income families with saving money for their children's education.
The author also suggests encouraging family and friends to contribute to your child's RESP on their birthday and other special occasions; that students apply for scholarships and government grants and most importantly learn to manage money.
Despite the best laid plans, students may have to borrow some money to see themselves through school. The author suggests looking at potential earning capacity and recommends borrowing no more than one year's net salary.
In the words of Gail Vaz-Oxlade, "the less debt your kids leave school with, the better their lives will be."
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"The less debt your kids leave school with, the better their lives will be." Gail Vaz-Oxlade, Personal Finance Expert.
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