Maximizing Your Child’s Education Fund with RESPs
Whether your child aspires to one day become a doctor, teacher, mechanic or CPA, their post-secondary education will cost money, and it is important to help set your child up for success.
Investing in a Registered Education Savings Plan (RESP) is a great step to support your child’s post-secondary aspirations.
What are the different types of RESPs?
There are three different types of RESPs you can purchase: Individual, family and group.
1. Individual RESPs. This is a great option for single-child families, or if you are sponsoring a non-relative such as a godchild.
2. Family RESPs. For families with more than one child, this could be an ideal option as the funds can be shared amongst the children. In a family plan, all beneficiaries must be
related to you—either by blood or adoption. Beneficiaries can be added or changed over time, which is great if you have more children in the future or have children who choose to not attend post-secondary.
When the RESPs are paid out, the funds do not have to be split equally, which is useful in situations where post-secondary education costs between children differ. However, since the Canadian Education Savings Grant (CESG) contributes a lifetime maximum of $7,200 per beneficiary, this allocation must be respected when dividing RESP funds among beneficiaries.
3. Group RESPs. In a group RESP program, your funds are pooled with several other RESP accounts in a group investment plan. The benefit of this, is that your investment has the potential to grow larger than it would in an individual or family plan.
When you join a group plan, you agree to purchase a set number of plan units, which represents your shares. Your child’s birth date determines the maturity date of your plan, and you commit to making regular contributions according to a pre-determined schedule.
It’s important to note that group plans come with many risks that are not associated with individual and family RESPs. We recommend carefully considering your risk tolerance before investing in a group plan.
How do RESPs grow?
Starting early and making regular contributions can help your RESPs grow significantly through compounded return. Funds in your RESP account can be invested in mutual funds, ETFs, GICs, stocks, bonds, etc, much like how you’d invest with your RRSP or TFSA accounts. In addition, there are many federal and provincial grants available that will add to RESPs over the years.
These include the following:
• The Canadian Education Savings Grant (CESG): CESG contributes $7,200 over an RESP’s lifetime. It does this through matching 20 percent of your contributions each year (up to $500).
• Additional Canada Education Savings Grant (A-CESG): Depending on your income, you may receive 10 to 20 percent more on the first $500 you contribute each year (up to $100 annually).
• Canada Learning Bond (CLB): To help low-income fami lies get started with education savings, the Government of Canada will make an initial deposit of $500, and top this up with annual deposits of $100 until the plan’s beneficiary turns 15 years old.
• British Columbia Training and Education Savings Grant (BCTESG): This one-time grant of $1,200 can be received if you apply when your child is between the ages of six and nine years old.
Is there a contribution limit?
Your contribution room is accrued each year beginning the year your child was born, until they turn 17. You can contrib ute a lifetime maximum of $50,000 per beneficiary to an RESP. Note that the amount of annual contribution room that is eli gible for the CESG is $2,500. While you can contribute more than $2,500 a year, the 20 percent grant is only matched by the government up to $2,500 per year.
To maximize the CESG, consider contributing $2,500 a year for 14 continuous years per beneficiary, and then top it off with an extra $1,000 in the 15th year. Note that if you have missed a year or started late, you can always contribute more than $2,500 to retroactively claim grants. These contributions would be eligible to receive an additional $500 per year in CESG (for a total annual maximum CESG of $1,000 per year) if you missed contributions in a previous year.
Contribute by December 31, 2024 to get the CESG’s 20 percent matching (up to $500) for the calendar year. Regularly review your funds to ensure you can make your desired contribution.
Talk to a financial advisor or a Chartered Professional Accountant for further guidance on RESPs and other ways to save for your child’s future.
*Originally published at CPABC Newsroom. Tax rules can be complex. This article is not intended as tax advice, and you should not make tax decisions based solely on the information presented. You should seek the advice of a chartered professional accountant before implementing a tax plan or taking a tax filing position.
Shane Schepens, CPA, CA is a Partner at Clearline CPA. Shane’s focus is on Canadian tax planning, such as reorganizations, estate and succession planning for medium and small private companies. Shane is a member of the CPABC Taxation Forum.
Mathematician. Volunteer. Drummer. Athlete. IB student. Why not?
Let’s talk about how the IB curriculum combined with the student experience at Glenlyon Norfolk School could tranform your child’s future.
How to Know If Your Child Needs a Tutor?
The Christmas season incites excitement and anticipation, but it can also bring on nervousness and reticence if your child is not doing well in school. The holidays can be the perfect time to determine if your kid needs some extra support when they go back to class in the New Year.
Is it Time for a Tutor?
Deciding to get a tutor can be challenging for families. The first question parents often ask me is: “How do I know if I should get a tutor for my child?”
Begin by reflecting on the previous year(s) and consider your answers to the following questions:
1. Has your child had difficulties in only the past year or multiple years?
2. Was most of the curriculum challenging?
3. Did your child seek extra help from
their teacher, but it didn’t seem effective?
4. Did the school provide any extra resources (either after school or from online programs) but it didn’t help?
5. Does your child do better in a oneon-one environment?
6. Is your child open to having a tutor?
If you answered “yes” to most of these questions, it might be time to consider looking for a tutor.
The Right Fit
The next question is: “How do you choose the right tutor for your child?”
Here are some things to look for and ask:
1. Does the tutor’s academic background meet my child’s needs?
2. How long has the tutor been tutoring?
3. What resources does the tutor provide?
4. How will the tutor assess my child’s needs?
5. Do they offer online and/or inperson tutoring? Some children do much better with in-person tutoring, though due to the pandemic, children are familiar with online learning.
6. Do they offer flexible contracts, or is it “pay per session?” Some tutors require a minimum number of hours and weeks. Can you cancel without penalty, if a problem arises (ie. your child becomes ill or there is a family situation that prohibits further sessions), or if you feel the tutoring is not effective for your child?
7. Can you have an initial trial session (possibly free) to make sure the tutor is a good fit for your child?
8. How much does the tutor charge?
9. How and with what frequency will the tutor communicate with you?
Remember, tutoring is not a quick fix,
especially if your child has struggled academically for several years. If you choose a tutor, you need to make a plan regarding money and time and then commit to it.
The Benefits
Beyond improving grades, tutoring offers numerous benefits that can positively impact your child’s overall development. A good tutor can help your child develop effective study habits and time-management skills. Tutoring can also boost your child’s motivation and enthusiasm for learning by providing personalized attention and encouragement. By addressing individual needs and learning styles, a tutor can help your child overcome challenges and discover their strengths, fostering a positive attitude towards education and building resilience.
An experienced tutor can also provide invaluable support during key educational transitions, such as moving from elementary to high school or from high school to post-secondary. They can offer guidance on choosing appropriate courses and help your child navigate these changes smoothly, so your child is wellprepared and confident in their decisions.
Tutoring can prevent small issues from becoming big problems and help establish a strong foundation for learning. Additionally, while parents often have the knowledge to help their children, maintaining a healthy parent-child relationship is crucial, especially in a child’s formative years.
With an experienced and knowledgeable tutor who communicates well and supports your family, tutoring can help your child achieve academic success and build their confidence.
Gordon Farlie is is a retired educator who works as a math and science tutor. With humour and heart, he makes learning fun. A former gifted student and parent of a child with learning challenges, he understands diverse needs. Passionate about astronomy, he lives in Nanaimo with his family and two dogs. Learn more at tutor-me.ca
Christ centred, community focused education.
Uncovering God-given talents in everyone.
Integrating new educational technologies.
back through service learning projects.
These are just a few of the reasons you may want to join the DCS family
Preparing youth for life beyond the school doors...
Offering Preschool and K - 8
Enriched curriculum including French, strings, fibre arts, drama, visual arts, woodwork, and gardening
Long-term teacher-student relationships with emphasis on strengths, belonging, and individual and group well-being
Stunning rural campus, student gardens, and focus on sustainability
festival life, parent enrichment, and community building
Independent Schools Directory
Artemis Place Secondary
ArtsCalibre Academy
Broadmead Preschool
Brookes Westshore
Christ Church Cathedral School
Discovery School
Glenlyon Norfolk School
Lakeview Christian School
Victoria 10–12
Victoria K–12
Victoria JK–K
250-598-5183 artemisplace.org
250-382-3533 artscalibre.ca
250-881-8666 montessorieducare.ca
4 day, 3 day and 2 day programs are offered. The program follows a Montessori curriculum, the prepared environment providing activities in Practical Life, Sensorial Work, Art, Language, Math and Cultural subjects. Circle time, music, movement activities and outside play round out the activities.
Victoria 4–12
Victoria K–8
Victoria 4–12
Victoria K–12
250-929-0506 westshore.brookes.org
250-383-5125 cathedralschool.ca
250-595-7765 discoveryschool.ca
250-370-6821 mygns.ca
As the only independent JK to Grade 12 International Baccalaureate World Continuum school in Victoria, BC, GNS offers a personalized learning approach that prepares students to thrive and achieve their full potential.
Victoria K–9
250-658-5082 lcsvictoria.ca
Lighthouse Christian Academy
Maria Montessori Academy
Oak and Orca Bioregional School
Victoria K–12
Victoria K–12
Victoria K–12
250-474-5311 lcawestshore.com
250-479-4746 mariamontessoriacademy.net
250-383-6619 oakandorca.ca
A compassionate, personalised and flexible balance of inquiry and structure for home learners (province-wide OL) and in-person learners in Victoria. Inclusive (special ed) supports available.
Pacific Christian School
Pacific School of Innovation and Inquiry
Regent Christian Online Academy
Selkirk Montessori School
Victoria K–12
Victoria 9–12
Victoria K–12
Victoria K–8
250-479-4532 pacificchristian.ca
778-433-3409 learningstorm.org
250-592-1759 rcoa.ca
250-384-3414 selkirkmontessori.ca
Come see how Selkirk Montessori School puts contemporary best practices into action. Alongside engaging staff, students are solving problems, building capacity and enjoy the work of learning.
St Andrew’s Regional High
St Christopher’s Montessori
St Joseph’s Catholic
St Margaret’s School
St Michaels University School
St Patrick’s School
Vancouver Island School
Victoria 8–12
Victoria K
Victoria K–7
Victoria K–12
Victoria K–12
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250-479-1414 cisdv.bc.ca
250-595-3213 stcmontessori.ca
250-479-1232 cisdv.bc.ca
250-479-7171 stmarg.ca
250-592-2411 smus.ca
250-592-6713 cisdv.bc.ca
250-883-1667 visii.ca of Innovation & Inquiry
Victoria School for Ideal Education
West-Mont School
Shawnigan Lake
Accessible, inquiry-based learning for grades 5 through 8. Education designed to build resiliency, foster creativity and inspire imaginations.
Victoria K–8
Victoria K–12
Shawnigan Lake 8–12
250-383-6654 vsie.ca
250-474-2626 westmontschool.ca
250-743-5516 shawnigan.ca
St John’s Preparatory Academy
Salt Spring Centre School
Arrowsmith Independent School
Haahuupayak School
John Paul II Catholic School
Discover Montessori School
Nanaimo Christian School
The International High School @ VIU
Brentwood College
Aspengrove School
Stz’uminus Senior Secondary
Beachcombers Academy
Duncan Christian School
Shawnigan Lake 4–12
Salt Spring Island K–7
Qualicum Beach K–7
Port Alberni K–7
Port Alberni K–7
Nanaimo K–9
Nanaimo K–12
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Mill Bay 8–12
Lantzville JK–12
250-220-4888 stjohnsacademy.ca
250-537-9130 saltspringcentreschool.ca
250-752-2722 arrowsmithlearning.ca
250-724-5542 haahuupayak.com
250-723-0637 cisdv.bc.ca
250-591-4450 public.dm-school.ca
250-754-4512 ncsnanaimo.com
250-740-6317 viu.ca
250-743-5521 brentwood.bc.ca
250-390-2201 aspengroveschool.com
Our stunning 40 acre campus is located conveniently on central Vancouver Island with easy access to Metro Vancouver, Tofino and Mount Washington.
Ladysmith 8–12
Fanny Bay K–7
Duncan K–12
250-245-6650 stzuminus.com
778-427-4007 beachcombersschool.ca
250-746-3654 duncanchristianschool.ca
An interdenominational school educating students from preschool to Grade 12. Our school property includes an elementary campus (preschool–Grade 7) and a secondary campus (Grade 8–12). The first steps in your child’s education. Building on Faith, Family and Community.
continues on page 38
Vancouver Island School of Innovation & Inquiry
Where Questions Matter…
Accessible, inquiry-based learning for grades 5 through 8.
Education designed to build resiliency, foster creativity and inspire imaginations.
Now accepting applications for the 2025/26 academic year.
For more information, visit visii.ca
Independent Schools Directory
(continued from page 37)
Noorunissa Montessori Academy
Queen Margaret’s School
Queen of Angels School
Sunrise Waldorf School
Duncan K–6
Duncan K–12
250-737-1119 intmontessori.ca
250-746-4185 qms.bc.ca
QMS is an inclusive community where every student finds personal success. Nestled on 30 acres in the Cowichan Valley, QMS offers an exceptional education that encourages curiosity, bravery, kindness and for students to be true to themselves.
Duncan K–9
Duncan K–8
250-746-5919 cisdv.bc.ca
250-743-7253 sunrisewaldorf.org
With a strong emphasis on student well-being and genuine care, our mission is to educate and inspire students to reach their full potential through a rich and artistic Waldorf curriculum.
Phil & Jennie Gaglardi Academy
Evergreen Independent School
Navigate NIDES
Comox K–12
Cobble Hill K–7
Distance Education K–12
250-339-1200 gaglardiacademy.ca
250-743-2433 evergreenbc.net
250-337-5300 navigatenides.com
Navigate is an award-winning school, recognized nationally and internationally for our innovative approach to blended learning. We’ve implemented the new BC curriculum and built unique, flexible learning options for every student. This allows us to meet a diverse range of student needs, abilities and learning styles.
SelfDesign Learning Foundation
Distance Education K–12 1-877-353-3374 selfdesign.org
Island Catholic Schools
Catholic Education on Vancouver Island is a system rich in tradition and history dating back to the mid-nineteenth century. Island Catholic Schools is a dynamic community of schools having a strong reputation for academic excellence, instilling Catholic values and building community. We are committed to educating the “whole” child in a Christ-centered community of learning.
St. Joseph’s (Pre-K to Grade 7) 757 W Burnside Rd, Victoria 250-479-1232
https://stjosephschool.ca
Email: sjv@cisdv.bc.ca
Open House February 4. Please contact the school to book a tour.
St. Patrick’s School (K to Grade 7) 2368 Trent St, Victoria 250-592-6713
https://stpatrickselem.ca/ Email: sp@cisdv.bc.ca
Open House February 4 10am to 12pm and 3:30 to 6pm.
St. Andrew’s Regional High School (Grade 8–12) 880 McKenzie Ave, Victoria 250-479-1414
https://standrewshigh.ca/ Email: sarhs@cisdv.bc.ca Open House February 5 at 7pm Grade 7 Info Night at 6pm.
Queen of Angels (Pre-K to Grade 9) 2085 Maple Bay Rd, Duncan 250-746-5919
https://queenofangels.ca/ Email: qa@cisdv.bc.ca
Open House February 3, 1 to 3pm Kindergarten Open House January 23 at 5pm. Please contact the school to book a tour.
St. John Paul II (Pre-K to Grade 7) 4006 8th Ave, Port Alberni 250-723-0637
https://stjp2school.ca/ Email: jp2@cisdv.bc.ca
Please contact the school for a private tour.