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The Registered Educational Savings Plan (RESP) is a registered Canadian account used to save for your beneficiary’s post-secondary education. You can contribute up to $50,000 per beneficiary into an RESP. and any investment income and grants grow tax-deferred while they remain in the plan.

When the beneficiary is ready for post-secondary education, your contributions over the years can be withdrawn from the RESP tax-free. When considering a RESP for your child’s future, it is important to understand current rules and eligibility from the Canada Revenue Agency and work together with your trusted certified tax professional.

Another strategy to split investment income involves the use of an in-trust account for your child. Let’s say that you gift money to your child and the money is invested in a special account managed by you but held in trust for your child. Income from the in-trust investment account is attributed back to the parent, but capital gains are taxed in the child's hands. Keep in mind that funds in an in-trust account belong to the child, who can take complete control of the money at age 18.

If you are planning on returning to school yourself, take advantage of the Lifelong Learning Plan (LLP). This program allows you to borrow funds from your RRSP to pay for your education. You won’t have to pay tax on the money you take out and your bank won’t deduct any taxes from these withdrawals, making it more affordable to go back to school. For more information and details, visit the Canada Revenue Agency.

Why not put your home equity to work for you? Home equity financing is an easy way to get your hands on extra cash, and it offers lower rates than conventional loans, lines of credit and student loans.

We can show you the pros and cons of each option and get you on the right path so you can focus on your studies rather than on your chequebook.