Investing in a child’s education, setting up life insurance plans and utilizing wills are just some of the steps new and would-be parents can take to secure a child’s future
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As parents work to ensure their child’s health, safety, and education in a more unpredictable environment, planning for a child’s financial security is an important way to safeguard their future. The government will match clients’ RESP contributions through the Canada Education Savings Grant by 20 per cent on contributions of up to $2,500 every year. If clients have missed prior years, they can contribute up to two years at a time and still receive the 20 per cent matching grant. Furthermore, most people don’t know, but there is an additional $14,000 in lifetime contributions that can be made, albeit unmatched, that will benefit from tax deferral.
As their children grow up, critical illness insurance can also be used to protect both their income and assets in the event they get sick and cannot work.
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