The Ultimate Trio for Your Child’s Financial Future: RESP, TFSA & Critical Illness Coverage.

A family explores educational opportunities together, with parents engaging their children in planning for the future using a laptop.

Planning for your child’s future isn’t just about saving for school—it’s about building flexibility and security. Here’s how to create a smart, layered strategy that grows with your family.

---

1. Why Start with an RESP?

A Registered Education Savings Plan (RESP) is a tax-advantaged account designed to fund your child’s post-secondary education. The government sweetens the deal with grants—free money for your child’s future.

2. How Much Should You Contribute?

The annual maximum is $2,500, with a lifetime cap of $50,000. But here’s the truth: don’t rush to max it out. RESP withdrawals are restricted and taxed if used for anything other than education. Think of it like an RRSP with strings attached.

3. Government Grants: Your Bonus!

Grants vary based on family income, usually between 20–30%. That’s a solid return on your contribution—better than most investments.

4. Movative “TRIO” Strategy for Parents.

Here’s the winning formula I recommend for flexibility and peace of mind:

• RESP: $50–$100/month

• Secondary TFSA: $50–$100/month for broader goals.

  • Must respect current TFSA limits.

• Critical Illness Coverage: $50–$100/month for protection.

  • Subject to underwriting.

Why this works:

• If your child excels and loves school, you can move money from the TFSA into the RESP to “catch up” on any unmatched grants.

• If your child is diagnosed with a serious illness, the Critical Illness coverage can subsidize a parent’s income so they can stay home and care for the child.

• Plus, it can help fund a Registered Disability Savings Plan (RDSP), which offers additional grants and tax-deferred growth—giving your child the best possible financial outcomes.

  
  

This trio isn’t just about education—it’s about resilience and opportunity.

5. Who Can Contribute to an RESP?

Here’s the fun part: it’s not just parents who can help!

• Grandparents.

• Aunts and Uncles.

• Even close family friends can contribute to your child’s RESP.

Instead of toys that get forgotten, why not suggest RESP contributions as holiday or birthday gifts?

Every dollar invested today grows tax-free and attracts government grants—making those gifts truly priceless.

6. Ready to Take Action?

Once you’re ready, we’ll set up the account, review grants, and go over contribution limits. It’s quick, painless, and one of the best decisions you’ll make for your child’s future.

Start Building Your Child’s Financial Safety Net Today!

Book a quick call and let’s create a plan that grows with your family.

Call or text 514-225-4856 Stella or Marzia would love to book your appointment with me!

Prefer tech version: https://calendly.com/movative

Meet the dedicated Movative team, committed to supporting you with professional care and personalized advice, ensuring you move forward at your own pace.