What are RESPs ?
Education Atlas®: Online Education Guide - the Web's largest education guide.
The benefits of participation in postsecondary education are many :
increasing levels of education have been associated with ;
- greater participation in volunteering
- higher levels of charitable contributions
- greater awareness and care of personal health
- increased levels of literacy
- a greater potential for higher earnings and employment stability
The majority (67%) of Canadian parents have educational aspirations for their children
that include a university degree.
A Canadian student beginning a four-year university program in 2008, living away
from home, will spend an average of $57,436 to get an undergraduate degree.
Estimates suggest that parents of a child born in 2008 can expect to pay over $122,000,
for the child to complete a four-year post-secondary education.
Canadian university tuition fees in 2009/10 were an average of $4,917 — up 3.6 per cent from 2008.
The average annual undergraduate tuition fee for Canadian university students during the
2007-08 school year was $4,525, ranging from $5,878 in Nova Scotia to $2,025 in Quebec,
(out-of-province students in Quebec paid over $5,000).
About half of the children whose parents believed an education after high school was important
already had savings put aside for them in 2002.
The proportion of children with parents who were current savers declined both as the child's
grades dropped and as the child's attitudes towards school became more negative.
Saskatchewan and Manitoba had the highest proportion of children whose parents
were current savers (59% and 56%, relative to 50% for Canada overall).
Higher income groups had the highest share of current savers. Almost 7 in ten children (68%)
living in households with incomes of $85,000 or more were currently being saved for at the time
of survey. This dropped steadily as income levels decreased. Nevertheless, 26% of children living
in households with incomes of less than $25,000 had parents who were current savers.
With income levels tied closely to levels of educational attainment, it is not surprising to find that
children in households where at least one parent was university educated, had the highest
proportion of parents who were currently saving (63%).
Children in two parent families where both parents were working
were the most likely to have savings set aside (58%).
85 per cent of post-secondary students pay at least some of their education costs from personal
savings, including employment income, registered education savings plans and gifts from family;
29 per cent draw some income from grants and scholarships; and 26 per cent have student loans.
University tuition fees have risen 126% in the past ten years!
6.78 million Canadian children are eligible to receive the Canada Education Savings Grant (CESG),
a potential RESP market of $340 billion.
Statistics Canada information is used with the permission of the Minister of Industry, as Minister responsible for Statistics Canada.
Information on the availability of the wide range of data from Statistics Canada can be obtained from Statistics Canada's Regional Offices,
its World Wide Web site at http://www.statcan.ca and its toll free access number 1-800-263-1136.
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our site will be of service
in familiarizing you with RESPs.
This site was designed to share information
and to bring together
consumers with RESP Providers.
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