Which education savings strategy could help your dollars go further? In our latest case study, we look at four approaches to fund your child's education over 18 years and how the numbers stack up:
1️⃣ Contribute $2.5k annually via monthly contributions
2️⃣ Make a single lump sum contribution of $50k
3️⃣ Put $16.5K into an RESP and $33.5K into a nonregistered account, then move $2.5K from the non-reg to the RESP each year
4️⃣ Put $16.5K into an RESP and $33.5K into a TFSA, then move $2.5K from the TFSA to the RESP each year
Note: The RESP lifetime contribution limit is $50,000. However, contributing $2,500 annually over 18 years is enough to qualify for all the CESG grants available, but only totals $45,000 in contributions.
Learn more about how an advisor can help here:
https://www.moneytalkgo.com/supercharging-your-childs-resp/
