Smart ways to cover the cost of university [Video - 1:18] (2012)

This document is housed on the Sun Life Financial server, under Brighter Life.

This video is one in a series dealing with a variety of money-related matters.

Here, the focus is on covering the cost of a child’s postsecondary education. The narrator points out that for a child born in 2010, the cost of a four-year university degree is estimated to be only slightly less than $100,000.

To help pay that bill, parents need to start saving as early as possible, preferably through a Registered Education Savings Plan (RESP). Income earned in an RESP is not taxed until it is withdrawn. As well, the Government of Canada will match 20 percent of parents’ contributions to an RESP, up to $500 a year, to a lifetime maximum of $7,200.

Families are also urged to make planning for postsecondary education a joint process that involves both parents and children. It is important that parents state clearly what they expect their children to contribute to the cost of an education.

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Added: 
2013-09-17
APA citation
Sun Life Financial. Smart ways to cover the cost of university [Video - 1:18] 2012. Web. 16 Jul. 2020 <http://brighterlife.ca/2011/05/19/smart-ways-to-cover-the-cost-of-university/>
Sun Life Financial (2012). Smart ways to cover the cost of university [Video - 1:18]. Retrieved July 16, 2020, from http://brighterlife.ca/2011/05/19/smart-ways-to-cover-the-cost-of-university/
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