Peerless Carpeting · Buyers Edge Guarantee · 200 Store Buying Power Having a Registered Education Savings Plan is advantageous continued from p.13 versity offers. These simple little money management issues help with financial literacy and responsibility in the years ahead. For many families, providing financial assistance for their children to attend university can be one of their most expensive ventures where other needs are also competing for their money. Parents with children in university may be saving for retirement, so funds are limited. Accumulated personal and mortgage debt becomes a nasty reality that many families will likely have to address. Interest has to be paid and the debt should be paid off. In the context of everyday life, a post-secondary education is very expensive and has to be balanced with other financial priorities. Our suggestion is to have a plan. What is the savings target for both the parents and child? Do the arithmetic and understand how much must be saved annually to reach your university fund goal. Next, decide on the best way to save and consider a Registered Education Saving Plan, which has two advantageous features. There is a grant of 20 per cent paid on the first $2,500 contributed each year while your child is under the age of 18. For example, if you contribute $2,500 this year, there will be an additional $500 deposited to your account. Consider this as a guaranteed return of 20 per cent on money saved. This program is our federal government recognizing the parents' need to save for their children's education and the government motivating them to do so. The generous government grant of $500 annually has a maximum cumulative amount of $7,200. In round numbers, that means the grant is only fully available for 14 years. The second advantage of a Registered Education Savings Plan is any money earned on the investment is not taxed as long as it remains inside the Registered Education Savings Plan. There are many decisions that you will make to plan for your children's university education. Regardless of the decisions, the important thing is to plan ahead and start saving now. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certified Financial Planner 15 | Thursday, September 4, 2014 | OAKVILLE BEAVER | www.insideHALTON.com K a r a s t a n A r e a R u g s · M i r a g e H a r d w o o d Persian DIAMOND PLATINUM GOLD End of SummEr ClEaranCE AreA rugS 5' x 8' starting at $ THIS WEEK'S 99 Rugs · Peerless SUPER DEAL! 1/2 PriCe Any Carpet Style Carpeting · Berber · Twist $ · Plush · Shag /sq.ft. · Textured Berber Installed with memory foam 2.99 Carpet · 1500 sq.ft. limit 200 Hardwood Store Carpet Largest Buying power CeramiCs Buying Carpet CommerCiaL FLooring experts Carpet 100's oF area rugs, persian rugs, Designer rugs Following locations only: Power opeN SuNDAYS SuperStore 125 Cross Ave. trAfAlgAr villAge, Oakville 905.849.4472 M i r a g e H a rd w o o d · K a r a s t a n C a r p e t i n g · 228 KiNg St. e. Hamilton 905-546-1921 P e r s i a n R u g s September 18-21 FREE P PA A N D O R A B R AC E L E T WITH MINIMUM PURCHASE OF PANDORA JEWELLERY.* September 18-21 Free PANDORA sterling silver Clasp, Bangle, or ESSENCE Collection Bracelet with your PANDORA purchase of $125 or more.* Free PANDORA sterling silver with 14K gold clasp Bracelet with your PANDORA purchase of $550 or more.* *Before taxes. While supplies last, limit one per customer. Charms sold separately. See store for details. Mapleview Centre Upper Level Centre Court 905.632.5400