Registered Education Savings Plan (RESP)
Do you have any idea how much your child's education will cost about 15 years from now?
Human Resources and Social Development Canada estimates that four years of post‑secondary studies (college or university) will cost roughly $55,500, and more than $83,600 if your child leaves the family nest. Not a bad argument for hatching the clutch of savings available through an RESP!
Consult our RESP page to open the door to your child’s future!
My Child and Money
Children ask questions about money. Take the time to answer, use the opportunity to take the discussion one step further.
- What is money?
- What's money for?
- How do you earn money?
- How and why should you save your money?
Here are a few ideas for introducing your child to the wonderful world of dollars and cents. 46% of people between the ages of 20 and 29 who were taught to save money have already contributed to an RRSP. That's 50% more than their same-age friends who weren't taught to save1.
The Youth Plan
A plan designed for people under 18. Your child can receive statements and have a debit card. There are no transaction fees, with the exception of INTERACTM2 direct payments.
1. Ipsos Descarie/Laurentian Bank survey, December 2005.
2. INTERACTM direct payment fee of $1.00 and INTERACTM automated banking machines (ATM) of other institutions fee of $1.50. Pricing in effect as of November 1, 2012. Subject to change. Certain ATM operators and merchants charge user fees. These fees are not Laurentian Bank service charges.