What are RESPs ? RESP NEWS
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RESPS.ORG The Canadian Government will contribute up to
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 $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 the survey. This dropped steadily as income levels decreased. Nevertheless, more than a quarter (26%) of children living in households where the household income was 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! 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. http://www.statcan.gc.ca We hope you will enjoy your visit here and 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. We actively invite any comments, questions or suggestions you may have about our site. WWW.RESPS.ORG Please Feel Free To Email Us At Any Time. We Thank You For Your Interest. Click Here to Translate This Page Cliquez ICI Pour Traduire Cette Page
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