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Planning For A Child's Education Costs
Recognizing the dramatically increasing costs of a university education, many people would like to start setting funds aside as soon as possible for minor children or grandchildren. And, of course, they would like to use the most tax-effective savings strategy possible. The strategy chosen often largely depends on their financial means, the children's ages and the length of time left to save.
For instance, older parents or grandparents sometimes have more excess capital to quick-start an education savings program for older children. On the other hand, younger parents with young children typically need to focus on paying down a mortgage and saving for retirement, and may have to take a gradual, long-term approach to education funding.
Regardless of your stage of life or family circumstances, you should know that there are several education-funding strategies that are effective. You may even choose to implement a combination of strategies.
A CIBC Wood Gundy Investment Advisor can work with you to determine an education funding strategy that best suits your needs. Their expertise will help you navigate the various choices you have for saving for a child's education.
CIBC Wood Gundy offers a variety of education savings plan options, including:
- Self-Directed RESP At CIBC Wood Gundy, we recognize the need of our clients to save for their children or grandchildren's educations. The hallmarks of a CIBC Wood Gundy Self-Directed RESP are flexibility, control and broad investment choice.
- Fund Partner The Fund Partner registered account is designed to provide you with a choice of more than 100 mutual funds. It's ideal for retirement and education savings programs, or as a maturity option for your existing RRSP.
Use our Find An AdvisorOpens a new window in your browser. tool to locate a CIBC Wood Gundy Investment Advisor near you and take the first step to achieving the financial future you want.