Saving For a Post-Secondary Education

Investing Basics

Planning for Tuition

The best time to start saving for your children's education is before they take their first steps. Barring that, start as early as you can to ensure that your savings meet or exceed tuition costs for when they're ready to start university. A Registered Education Savings Plans (RESPs) is one of the easiest and best ways to fund a post-secondary education. RESPs accumulate savings tax-free and the government will match a percentage of every eligible contribution.

Savings Options

Besides Individual and Family Plan RESPs, there are a number of education savings grants and bonds your children may be eligible for. The Canada Education Savings Grant (CESG), for instance, is equal to 20% on the first $2,500 in annual contributions made to each beneficiary in an RESP plan.

Financing Options

If you need to borrow money for your child's post-secondary education, consider ScotiaLine® personal line of credit for students or the Scotia Total Equity® Plan(STEP). A ScotiaLine® personal line of credit will let you and your child only borrow what you need, when you need it, and pay interest-only until your child graduates. STEP turns your mortgage into a financial tool that can lower your overall cost of borrowing.

RESP 101: Lessons in Saving for Your Children's Education

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Invest for the Future 
Most of us are so busy focusing on the present that we don't know where our investments will be when it comes time for us to retire.

Good Habits
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Retirement Savings Calculator

Find out how well your current savings and future contributions will provide for your retirement and learn how to address potential shortfalls.

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Borrow to get ahead

Find out how you can pay down your mortgage faster, become debt-free faster and plan for your borrowing to save for the long-term, for things like a child's education and retirement.

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Think about your future

If you feel a little uncertain about where your investments will be when you retire or you're not sure you're investing like you should, you're not alone. Only one in three Canadians feel "on track" with their investment plan.

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