Escucha las sílabas y repite: Ha He Hi Hu Ho ha he hi hu ho.
Hi-ho, hi-ho It’s Off to School They Go
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Transcript of Hi-ho, hi-ho It’s Off to School They Go
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Rob Kimball, B.A., CSA, RHUFinancial Advisor September 2007
Hi-ho, hi-hoIt’s Offto School They Go
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Post-Secondary Education Start planning and saving
Several options
Regardless of budget
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How Much Does aPost-Secondary Education
Cost?
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Resources Websites of schools of
interest
Education Cost Calculator www.canlearn.ca
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Financing YourChildren’s Dream
Cost of obtaining a degree has risen by 180% since 1990/91Source: “Average Cost for Undergraduate Fees”, CAUT Education Review, Vol. 5, No. 1, 2003
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Tuition $6,000
Fees (athletic, health services, student association and other)
$1,000
Residence with meal plan $5,000
Books and supplies $1,000
Technology (laptop, cell phone) $1,500
Transportation (public) $800
Pocket money ($50/week) $1,600
Total $16,900
Estimated Annual Cost of University
All costs are averaged across all provinces and rounded to the nearest hundred, based on a 32-week school year.
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One way to save is toInvest in RESPs
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What are RESPs? Savings plan registered with Canada
Revenue Agency Not tax deductible Some tax benefits
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Income is tax-deferred Beneficiary is taxed when savings
are withdrawn Often, little or no tax payable
RESPs and Taxes
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New Voluntary Benefit
As a new voluntary benefit available to employees of Hamilton Health Sciences, we are pleased to allow you the opportunity to contribute to your children’s education through payroll deduction. Contributions are 100% employee paid.
Deductions will begin October 17th and thereafter, the first of each month.
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Payroll deduction
Anyone can contribute to a RESP
Maximum is $2500 per year that the Government will match with 20% (per child)
One year of unused contributions can carry forward and be eligible for grant
Maximum contribution is $50,000 (per child)
Maximums apply to beneficiary
RESP Contributions
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CESGCanada Education Savings Grant
Contributions of 20% on the first $2,500 each year (per child)
Maximum of $500 per year, but one year of unused contributions are also eligible for the grant
Available until age 18
Maximum of $7,200
CESG room carries forward
A social insurance number is required for each child
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Income is tax-sheltered Contributions are after-tax dollars Principal is tax-free
Faster Growth
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Transferable to another child*
Transfer RESP income into RRSP Tax-free if sufficient room Maximum of $50,000†
*Provided certain conditions are met.
†Government of Canada
…And If the Child Doesn’t Use It
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Additional Sources for Funding
Child works part-time during school
Co-op program
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Pursue Scholarships $200 million
distributed annually
Value from $100 to $19,000
70% go to first-year studentsSource: Maclean’s Guide to Canadian Universities, 2006, page 174
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ScholarshipsTwo Categories
High-Ranking Academic Students Entering into a program or after completion Community services may be considered
Need-to-apply Offered by corporations, charities,
governments, private philanthropists Thousands available
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Surf the Internet www.ScholarshipsCanada.com
Customize your search
Over 7,000 listings of scholarships, bursaries and awards
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Resourceswww.scholarshipscanada.com
www.aucc.ca/scholarships/open_e.html
www.millenniumscholarships.ca
www.studentawards.com
www.schoolfinder.com
www.canlearn.ca
www.canadian-universities.net
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Motivation toContinue Learning
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Diploma Pays Dividends Graduates can expect to
earn 12 – 20% more than non-graduates
Source: McLeans Guide to Canadian Universities, 2006, page 46
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Important Notes
The commentary in this presentation is for general information only and should not be considered investment or tax service to any party. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation.
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Plan Details• RESPs are offered through Fidelity
Investments• Contributions are made monthly – minimum
of $25/mth up to lifetime maximum of $50,000
• Voluntary lump sum contributions can be made at anytime
• Amounts can be changed, postponed or stopped at anytime
• Detailed statements sent to your home • On-line access to your account
Rob Kimball is an Account Representative sponsored by Manulife Securities International Ltd., a Mutual Fund Dealer. Please note the following: Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund’s simplified prospectus before investing. Mutual Fund Securities are not guaranteed. Their values change frequently and past performance may not be repeated. This is intended for use by residents of the Province of Ontario. Manulife Securities and the block design are registered service marks and trademarks of The Manufacturers Life Insurance Company and are used by it and its affiliates including Manulife Financial Corporation.
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How to obtain a Social Insurance Number
Visit government website at:http://www1.servicecanada.gc.ca/en/cs/sin/010.shtml
Download application and take it, along with original birth certificate to your local Service Canada Centre
You should receive your child’s card in the mail in approximately 3 weeks
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For additional one-on-one advice please contact:
Rob [email protected] | (888)327-5777 | www.selectpath.ca
Services include: Investment Management
RRSP’s, and Non-Registered Accounts
Insurance Life, Mortgage Insurance, Critical Illness Coverage and Long Term Disability