The launch of our #EduSaveWeek blog series and why we’re celebrating

November 16-22, 2014 marks the first ever Education Savings Week in Canada. CST Consultants is proud to be one of the many organizations that helped bring this idea to life. For months, we worked behind-the-scenes with our partners to brainstorm how we could help start a national discussion about education savings and why families should consider opening a Registered Education Savings Plan (RESP) to plan for their child’s future.  

Throughout the week, we’ll be sharing relevant content in our #EduSaveWeek blog series right here on CST.org. We’re also tweeting about Education Savings Week from @CSTConsultants and posting lots of updates on our Facebook page.

Here are three reasons why we’re celebrating Education Savings Week (and why you should, too!)

1) Education isn’t getting any cheaper - According to Statistics Canada, the average university undergraduate tuition increased to $5,949 for the 2014/2015 school year. Planning ahead is the best way to help manage the costs of post-secondary and encourage your child to continue with their education.

2) Many eligible children still don’t have an RESP – RESPs are a great savings vehicle for many families. Not only is an RESP tax-sheltered, but having one also gives you access to many unique benefits, including government grants. According to the Canada Education Savings Program Annual Statistical Review from 2013, more than half (52.9%) of eligible Canadian children still don’t have an RESP in their name. It’s time to change that.

3) The government wants to pitch in – why not let them? Unfortunately, many people still don’t know that the Canadian government will reward you for opening an RESP and planning ahead for your child’s future. Yes, you heard that correctly: you could receive up to $7,200 from the government per child. If you’re a low-income family who needs additional assistance, you may also qualify for up to $2,000 in extra grants through the Canada Learning Bond (CLB). If you qualify, you don’t even need to make any contributions to your RESP to receive $500 in the first year and $100/year for each additional year you qualify until your child turns 15 (subject to government guidelines). You can click here for a full list of government grants.  

So there you have it – three good reasons to spread the word about RESPs and Education Savings Week in particular.

Check back here each day this week for fresh content on the topic of education savings from a number of perspectives – including students and even professional hockey players. In the meantime, join the conversation on social media using #EduSaveWeek.

We’re also hosting a Twitter party from @CSTConsultants on Wednesday, November 19 from 9-10 PM EST using the hashtag #LetsTalkRESPs! Our host is @MommyKatandKids, with co-hosts @MomVsTheBoys and @MommyMomentBlog. Even our very own @PeterLewis67 will be making a guest appearance as our expert!

You can RSVP here – we’re giving away 7 great prizes worth at total of $800!

CST Twitter Party