Saving for school

You want your children to succeed in life – and it is undeniable that a post-secondary education will help them get there. But, the cost of education is continuing to rise and for students and parents alike, it can be difficult to cover all of the necessary expenses without going into debt.

All in, the average cost for a four-year undergraduate degree is now roughly $80,000, including tuition fees, food, transportation, books, miscellaneous fees and other living expenses. The best plan is to save regularly toward this important goal – it may seem tough to fit into your monthly budget, but it doesn’t have to be. We will put together an education savings strategy, helping you find the money in your budget to invest.

One of the most effective ways to create an education fund is through a Registered Education Savings Plan (RESP). You can contribute up to a lifetime maximum of $50,000 per child and earnings grow tax-deferred as long as they are in the plan. This plan can also help you take advantage of several government grants, such as the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB), that may help maximize your RESP savings.1 Anyone can establish and contribute to an RESP – parents, grandparents, aunts, uncles and even good friends – as long as the total contributions don’t exceed the RESP limits for each future scholar.

You need every advantage you can get when saving to help your children pay for a post-secondary education. And the sooner you start, the more opportunity your children will have to afford the college or university of their choice, follow their dream career, and achieve the earning power they need.


Students Worrying About Finances Tomorrow, but Building Debt Today: RBC poll, online: RBC, 2011.

Josh Dehaas, Now we don’t have to worry, online: Macleans, 2011.

1 The Canada Education Savings Grant and Canada Learning Bond (CLB) are provided by the Government of Canada. CLB eligibility depends on family income levels. Some provinces make education savings grants available to their residents.

What you may need

Registered Education Savings Program (RESP)
Take advantage of an extra 20% in education savings.1

Tax-Free Savings Account (TFSA)
Grow your savings tax-free.

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Our advisors will consider your financial goals and help find the path to get you there.

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