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Fall Registration Saving for your child's education with a TFSA When most parents or grandparents think about saving for a child's post-secondary education, the first option that springs to mind is placing investments in a Registered Education Savings Plan (RESP). But now, you have an additional option: A Tax-Free Savings Account (TFSA) which allows you to contribute up to $10,000 annually and allows your savings to grow tax-free. Let's take a closer look at RESPs and TFSAs. RESPs · A vehicle for tax-deferred education savings. · Total contributions for a child cannot exceed $50,000. · Two federal programs add money to an RESP for contributions made for an eligible child: o The Canadian Education Savings Grant (CESG) provides matching grants for contributions up to $7,200 per child. o The Canada Learning Bond (CLB) provides a $500 bond to an RESP whose child family receives the National Child Benefit Supplement and $100 a year for up to 15 subsequent years to a maximum of $2,000 per child. · Some provinces also make education savings grants available to their residents. · Once the beneficiary begins to attend an eligible educational program, contributions can be withdrawn tax-free, and the plan income plus grants and bonds can be paid out and taxed to the student. TFSAs · Contributions are not tax-deductible but invested funds grow on a tax-free basis. · Funds can be withdrawn at any time for any purpose. · Withdrawn amounts can be re-invested inside a TFSA without penalty as contribution room is regained in a following year. Here are the hypothetical results of four different RESP/TFSA Education Savings Strategies: 1. Invest $5,000/year for 18 years in a TFSA: Value of TFSA account at end of 18 years: $163,800. 2. Invest $5,000/ year for 10 years within a TFSA then $5,000/year within an RESP account for 8 years: Value of both TFSA and RESP at end of 18 years: $173,443. 3. Invest $5,000/year for 10 years within an RESP account then $5,000/year within a TFSA for 8 years: Value of both TFSA and RESP account at end of 18 years: $174,934. 4. Invest $2,500 within each of a TFSA and RESP for 18 years: Value of both TFSA and RESP account at end of 18 years: $178,113. While the final totals vary, what's best for you depends on your unique financial and life goals. Your professional advisor can help you make the best choices. This column, written and published by Investors Group Financial Services Inc. (in Québec ­ a Financial Services Firm), and Investors Group Securities Inc. (in Québec, a firm in Financial Planning) presents general information only and is not a solicitation to buy or sell any investments. Contact your own advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant. 27 | Thursday, September 10, 2015 | OAKVILLE BEAVER | www.insideHALTON.com PIANO LESSONS IN YOUR HOME 25+ Years Experience Conservatory & Popular Music Call Mrs. Sargeant 905-842-7220 Servicing East Oakville Register Now by Visiting our Website Recreational & Competitive Dance for Students Ages 3+ Laura Dacyshyn, Director - Former dancer with the National Ballet of Canada Ballet · Jazz Tap · Acro Hip Hop Lyrical · Pointe Dance Troupe Conditioning Birthday Parties Our NEW 12,000 sq.ft. facility is NOW OPEN! 451 WOODY RD www.AllegroDance.ca Call 905-815-9239 Oakville (Near Speers & Dorval) 2015-16 Fall/Winter House League Date: October 18, 2015 to March 6, 2016 Location: Queen Elizabeth Park Community and Cultural Centre 2015 Fall Microballers Programs Date: September 29 to December 1st (Tuesdays) Location: Queen Elizabeth Park Community and Cultural Centre OR Day, Evening and Weekend Classes Beginner to Advanced · Ages 3 yrs to Adult Performing and Visual Arts School Register Now for Fall · Art In Mixed Media, Oils and Watercolours · Music in All Instruments · Voice RCM Music Exams · Drama · Musical Theatre · DANCE · Ballet · Pointe · Contemporary · Tumbling · Irish · Lyrical · Jazz · Hip Hop · Tap · Latin · Acro · Stretch and Strength · Cardio · Fitness Training MARCH BREAK & SUMMER CAMPS Small Class Sizes · Camera Viewing of All Studios · Family-Focused Scheduling · Annual Musical Productions · Specialty Workshops (2302 Bridge Road, Oakville) Full Uniform, Skill Development, Fun 44 Location: Pope John Paul II Catholic Elementary School Date: October 15 to December 17 (Thursdays) STUDIO PAVAS 905-403-9435 1-2301 Royal Windsor Dr., Mississauga www.studiopavas.com info@studiopavas.com Please visit our website, for full range of programs. www.oakvillebasketball.com admin@oakvillebasketball.com | 905-469-1855