The Rewards of Parenthood Are Priceless (But Also Expensive)

A financial planner can help you build a bright future for your child—while keeping your other goals in sight.


Giving My Children the Best Chance to Succeed

Studies show that 70% of jobs today require a post-secondary education.1 Talk to a financial planner about tax-smart saving strategies to help you open up opportunities for your children later in life.

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Paying for Post-Secondary Education

Today there is a wide variety of options for post-secondary education—colleges, universities, trade schools and apprenticeship programs. But they can be expensive, which is where a financial planner can help, showing you time tested and tax-smart ways to prepare for the day your youngsters decide to pursue their career dreams.

3 Easy Ways to Boost Your Savings

1.Start Early

Open a Registered Education Savings Plan (RESP) early to maximize returns and your Canada Education Savings Grant (CESG)tool

Close With the CESG, the government matches 20% on the first $2,500 contributed annually to an RESP for each beneficiary. The maximum CESG the government will give, until the end of the calendar year the beneficiary turns 17, is $7,200 per beneficiary.
2.Top It Up

Increase your savings when other childhood costs go down (e.g. daycare costs or starting school).

3.Set It and Leave It

Set up an automatic savings plan. It makes your contributions easier and your money starts growing immediately.

How an RBC Financial Planner Can Help

Can I keep the house? Will I have enough to retire? What kind of lifestyle can I afford? A financial planner can address questions like these while helping you to:

  • Manage your cash flow and reduce taxes
  • Make smart borrowing decisions
  • Create or revise your retirement plan
  • Plan for your children’s post-secondary education

Have More Than One Child?

Consider setting up a family RESP. It lets you name one or more beneficiaries and allocate payments based on what works for your family.

Build a Bright Future for Your Child

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RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

1) Canadian Occupational Projection System 2011 Projections, Imbalances Between Labour Demand and Supply (2011-2020), Employment and Social Development Canada, (accessed May 21, 2014).