FOR IMMEDIATE RELEASE
BURLINGTON, Ontario — Canadian higher education costs have tripled over the last quarter-century, according to the Canadian Centre for Policy Alternatives, and the outlook is for continued inflation. As Children’s Education Funds Inc. (CEFI) is now pointing out in a just-launched public awareness campaign, though, parents have good ways of ensuring that their children can get the education they will need. A Registered Education Savings Plan, or RESP, can make it far easier to pay for higher education when the moment arrives. With RESPs of various kinds offering different levels of flexibility, security, and potential performance, any family can find an option well suited to their situation and goals. A collection of resources at detail everything from the basics regarding RESPs to the three popular plans offered by CEFI.
“Higher education has become a career requirement for more and more Canadians over the years, and that trend is only becoming stronger,” a Children’s Education Funds Inc. representative said, “With the associated costs likewise rising and set to do the same for the foreseeable future, many Canadian parents are wondering how to ensure that their children will get the education they need. As our new public awareness campaign aims to show, making good use of an official, qualifying RESP can be the best way of all to plan for a child’s educational future and beyond.”
In today’s dollars, annual fees for attendance at the average Canadian university came in at around $2,200 in 1991, according to a 2013 study conducted by the Canadian Centre for Policy Alternatives. The same source estimates that those fees will top $7,400 by the end of the current academic year, with a similar rate of inflation to be expected in the future.
While higher education in Canada remains quite a bit more affordable than in the United States, the numbers and the trends have left many families concerned about their ability to pay when their own children reach the appropriate age. The national Canadian government has sought to make things easier by, among other means, defining and encouraging the use of a special, education-targeted savings plan that conveys a number of benefits.
As the new Children’s Education Funds Inc. public awareness campaign has been designed to make clear, disciplined contributions to an appropriate RESP over the years can make it much more likely that any education-related costs will be covered. In addition to tax-related benefits, RESP participation can confer advantages like eligibility for Canada Education Savings Grants and other forms of support.
With a pure focus on administering RESPs for clients, Children’s Education Funds Inc. is especially well qualified to spread awareness as to the value of this important financial tool. Those interested can Learn More at the company’s website at where its three RESP plans are described in detail.
About Children’s Education Funds Inc.:
Helping families achieve their savings goals and provide for the education of their children, Children’s Education Funds Inc. is a leading provider of Registered Education Savings Plans.