QUICK TIPS:  RESP-WHAT YOU NEED TO KNOW!

I love this time of year!  A fresh, new start, the beautiful colours of the fall, and a rested reflection on the summer we just had that you hopefully enjoyed! Now it is time for back to school, and with it comes a renewed focus on RESP savings. 

With so much focus on school, it's important to know how a Registered Education Savings Plan (RESP) can really help.  Here are the most important facts:

* RESPs started years ago, but really took off in 1998 when grant money was introduced.

*$7200 is the maximum RESP grant that can be
received per child, unless you qualify for additional funding.  This provides a 20% match to your contributions.

*The maximum you can contribute is $50,000/child. The maximum you can contribute that will be matched by grant money is $36,000.

* RESPs can stay open up to 36 years, so there is lots of time to use the funds for post-secondary education.

*Most post-secondary programs qualify for RESP withdrawals including apprenticeships, colleges, and universities, as long as they last at least 10 weeks, and can provide proof of registration. 

*Estimated university education in 2025 is $100,000-$125,000 for a 4 yr degree, living away from home.

How Can We Help?

By using strategies that allow you to maximize your grant money even if you didn't think you could, and also managing the taxable portion of the RESP in the most effective manner, we help the account go farther, and have more impact on your Post-secondary costs.  

Just ask us about how you can  benefit from these ideas.

For more information, please see the RESP website: RESP INFO

Discussions about volatility in the markets have been a part of my meetings for over 1 year.  While it's been slower to come than I expected, we are now seeing big swings in the markets.  Not much has changed, but some economic indicators are now slowing, causing concern over global growth.  As usual, when this starts, we tend to see some overreaction, and more caution to enter the markets.  

2 pieces have been helpful as of late that put perspective on the market shifts that we're seeing.

Wisdom of Uncertainty provides an interesting perspective on how markets swing. 

Blackrocks' Semi-Annual Report has a good take on the market volatility, and is worth reading. 4 things to do. For more information, check it here.

As always, we have some good reports and updates on how some of the active funds are managed.  Putting volatility in Perspective.

Last, the chart says it all!  If we can help you focus on your priorities, please call. 
 

With summer coming to an end, we start to think about ventures farther afield.  This website puts together some wonderful trips.

A special thank you to Women's Travel Network for being a sponsor at The Joy of Aging 2015. 

UPCOMING FEDERAL ELECTIONS: Live in Richmond Hill and want to be informed about your candidate options?  Check out the RH Chamber website  

REFERRALS: Thank you for your referrals. We really appreciate you passing along our name.  If you know somebody who needs a 2nd opinion on their portfolio, or who really needs to focus on planning for the future and setting some objectives, I can help.  Ensuring you have the retirement income you need and paying the least amount of tax along the way is how I enable you to meet your personal financial objectives.