Investing in Futures

Investing in Futures Initiative

Our Goal

The goal of ILRC’s Investing in Futures initiative is to increase the amount of RESPs being opened in Northwestern Ontario and to create financial inclusiveness for persons of all income and ability levels. With a mandate to foster independent lifestyles for modest income and persons with disabilities, ILRC will be visiting various communities in Northwestern Ontario and providing education and information workshops about RESPs and the many incentives offered by the Government of Canada through the Canada Education Savings Program (CESP). Ultimately, the ILRC is working for families in Northwestern Ontario to be equal in their abilities to access post-secondary education in a time of rising tuition costs and widening gaps in financial literacy among northern - rural communities.

Did you Know?

A Registered Education Savings Plan (RESP) is one of the most effective ways for families to save for their children’s post-secondary education.

Why?

RESPs are effective savings instruments because of the special incentives the Government of Canada offers for families that open RESP accounts.

What kind of incentives?

There are many incentives to open an RESP account, especially for modest income families:

Your saving contributions are tax-free…which means the government will allow your money to grow without taxing it as income as long as it remains in your RESP account.
Not only does the Government of Canada not tax RESP contributions, but it will actually give your family FREE $$$ to help you save for your children’s post-secondary education. Through the Canada Learning Bond (CLB) and the Canada Education Savings Grant (CESG) your child can receive up to $9,200 FREE from the government. Eligibility for the CLB and CESG are based on a mixture of a family’s income and RESP contribution levels. Basically, the lower income a family has, the more FREE $$$ the government will contribute!
The money you and the government contribute into your RESP will grow exponentially from compound interest. Over time, this investment could add up to a surprisingly large amount of funds to pay for your child’s future education costs.
In Canada, tuition is rising at an average annual rate of 4.3%. This means in the future your child will have to borrow more to pay for their post-secondary education. Why not save now, take advantage of tax-free contributions and help offset your child’s future costs to access post-secondary education.
Finally, if you open an RESP in Northwestern Ontario, the ILRC will put your name in a draw to win an additional $500 to contribute towards your RESP investment!

For more information about RESPs and upcoming workshops, please contact us directly:

Josh Valley
Outreach Coordinator - Investing in Futures Initiative
(807) 577-6166 ext.6
outreach@ilrctbay