The Canadian government is further enabling families to take an active role in providing for their child’s future education. On the SmartSaver.org site you can get information on how to get FREE money for your child’s education from the government when you open an RESP for them even without putting any money in the account yourself, as well as matching percentages based on your income. In addition, there are links to Social Insurance Number Application forms,and a chart to compare different RESP Plans.
At first glance there seems to be a bit of bias towards four financial institutions which have direct links on the site: Bank of Nova Scotia(site sponsor) ,Royal Bank of Canada (site sponsor),Bank of Montreal ,and TD Bank. However, RESPs from these providers are cited as having:
- No enrolment fee
- No annual fee
- No minimum contribution
- 100% guaranteed investment option
I was surprised not to find my financial institution in the list. Is yours there?
Backgrounder
The Honourable Diane Finley, Minister of Human Resources and Skills Development, announced the launch of the SmartSaver project on September 24, 2010. The aim of the Smart Saver project is to provide families with financial information in plain language, making it easier to understand and invest in an RESP.
The Government of Canada and the Omega Foundation have teamed up to increase awareness of and participation in Registered Education Savings Plans (RESPs). Although the target audience of this three-year partnership is low- and middle-income families living in the Great Toronto Area, the layman’s terms explaining how to get FREE money for your child’s education will be helpful to everyone.
“Our government believes that access to post-secondary education is essential to securing future opportunities for young Canadians,” said Minister Finley. “This investment will help encourage low- and middle-income families to save early for their children’s future education.”
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