RESPs Archives — Thrifty Mommas Tips

Things to Do Before You Start First Year University

Paula — Wed, 29 Apr 2020 09:14:00 +0000

By Payton Schuck Note from Paula – My daughter Payton starts university in September. First Year University! Let me first of all say, we are so proud of Payton and can’t wait for her to start, but also it seems like it was yesterday when I was dropping her off for her first day of kindergarten and here we are almost starting university. She graduated from high school and has been accepted at her top three choices. Two of those are in town and her top choice came through first, so that was exciting to see. Her face lit up that day when she got the first acceptance email and then when the package came in the mail. What to Do Now Before First Year University or College Starts So you have been admitted and you have those letters of acceptance in hand! How exciting! I was over the moon when I got the email that said Congratulations, Payton we are pleased to offer you admission to King’s and then came the one from Brescia!! It felt like a huge load off of my shoulders. And then the pandemic hit and school stopped. Slowly, we have shifted to learning online but there’s a lot fo uncertainty about what Summer and Fall look like here in Canada. That part is hard, especially if you have anxiety as I do. Anyways, there are a few steps you can take now to be sure you are ready when school starts. Fingers crossed the pandemic is under control here soon and life is sort of normal again. I can’t wait to start first year university! Tour the Campus Take as many tours as you can, or as needed; however, online would probably be best at this time. All of the universities and colleges are doing virtual tours right now during the pandemic. Make sure you know the basic layout of the campus to make it easier to get around. Memorize landmarks such as the library, lecture halls, cafeteria and student centre. Talk to Staff on Campus Getting advice from seasoned staff on campus will be incredibly helpful. You can call them or email asking them questions. Talk to Students/Peer Support Students About Campus Life. Getting a feel for campus life and what to expect whether you’re in residence or at home, getting connected and meeting people will create a support system if you’re unsure of anything in your first year at university. Maybe a small group of students from your high school started there a year before you. Connect with them, even if that’s via social media to ask what they like or don’t like. Many will be sure to shower you with advice quickly. Set Good Organization Habits Ideally, you worked on those throughout high school, but if you didn’t do really well that way, then start working on that now. Right now, a lot of you are probably doing online learning, just as I am, so stick to a schedule every day and get used to working independently. That skill will be increasingly important in first year university. Find Out About Parking and Parking Passes if You Have a Car Where is the lot? Is the lot always overloaded? Is it far from your first class? What happens if he can’t get a spot in the lot one day where do you park? What is the back up plan for that? Also, if you were on your own in a different city and you have a vehicle, what is your plan for car maintenance should the car not start one morning or should it be stuck in the student parking lot? Bus Routes or Shuttles or Both How will you get to school every day? What bus route is it on? Is there a shuttle system from main campus to your smaller college or just around the campus? This could be invaluable. Listen, depending on your mental state, your health, your anxiety and such you might consider going and test driving the bus route. That way you will know what to expect. This can help anxious youth and young adults feel less stressed. Get a Planner or Planning App Get a planner or begin using an app on your phone now. (time management is super important, especially during your first year which is often one of the busiest) Meet Other First Year Students Meet other first year students. Fresh week? Orientation? Meeting people in the same position as you will ease your nerves by knowing you’re not alone. And meeting people in your program will give you the opportunity to have à good experience in class and to help each other. Explore Campus and Amenities Nearby Explore campus and surrounding amenities. If you need a bank nearby, a grocery store or a restaurant, you should know where all of those things are. Meet Your Professors (establishing a good relationship is essential) This may not be possible until the first day or week of school for some of you. But, connect with them as soon as you are able and figure out when office hours are and what the email is as well for when you have questions or need clarifications. Set Goals (productivity is key) What do you want or expect out of first year university or college? Have an IEP? Do you have an Individual Education Plan? (an IEP from high school is an individual plan that outlines any disability or learning differences and the needs or accommodations you may need to succeed) Then you need to get that organized, before you get to post secondary, whether that’s college or first year university. Actually, you might need a whole new assessment, so find out when and where and how that gets done. Also, involve your parents because they might have to pay or send to insurance for coverage before you even set foot into a classroom. Clean up Your Social Media Remove anything you don’t want future friends or faculty members to see. Health Care Know where you are expected to go to find a doctor for mental and physical health. Plug-in mental health support right away, if you might need it. (YOU will need it.) First year university or college is a big adjustment, especially if you might be living away from home. Don’t take chances with health. Also, ask your parents what the situation is with insurance. Are you still covered under their plan? Is there a student plan? Budget This is one my mom insists that I add. Speak with your parents about what the budget is and how everything is being paid for. How much money from your summer job goes towards tuition or residence or daily living expenses? How does the RESP work? If you have an emergency expense pop up, what is the expectation? First Year University is Exciting You are about to start studying something you love and want to study. I mean in high school you had to take a few course you had ZERO interest in, right? For me, that was math. Hated math most years. But art, sociology and psychology!!! Happily will read and study these topics all day long. I hope that soon there is some clarification about what first year will look like for you and for me too. Good luck!!

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Is Your RESP Protected by Deposit Insurance?

Paula — Thu, 08 Jun 2017 11:52:58 +0000

The cost of post-secondary education in Canada continues to climb. Chances are good you already know this. In fact, I know many of you have been saving or putting money away into a Registered Education Savings Plan (RESP) for years. And, you are not alone. Many parents and grandparents are trying to save as much as they can in an RESP so that kids and grandkids can continue their education after high school without the burden of student loans. RESPs are a great savings tool. There are federal government grants that can help top up your funds and that can help you maximize your contributions. But have you ever given any thought to how safe those savings are? Don’t panic. There’s a Crown corporation called the Canada Deposit Insurance Corporation (CDIC), which protects eligible deposits in Canadian banks in the unlikely event of a bank failure. I know, you’re probably thinking, “banks don’t fail!” Well, in the 50-year history of the Canada Deposit Insurance Corporation, they have handled 43 failures of Canadian financial institutions and not one dollar under CDIC protection was lost. The last incident of failure was in 1996, so while it hasn’t happened recently, it can happen. The CDIC protects deposits in seven different categories at over 80 member financial institutions in Canada, up to $100,000 per category, per member. But how do RESPs fit in? Well, if your child’s RESP is set up as a trust (trusts being one of the seven protection categories), eligible deposits in the account are covered by CDIC! Eligible deposits in an RESP could include cash deposits or GICs with a term of 5 years or less. Trust accounts are protected up to $100,000 per beneficiary. This means that if you have three RESPs for three different children, you could have up to $300,000 of protected savings. One important thing to note about CDIC coverage is that not everything is covered. Many RESP accounts contain mutual funds, which are NOT protected by CDIC. Other products not covered include stocks, bonds, term deposits greater than 5 years, and foreign currency deposits. Find Out if Your RESP is Covered by Canada Deposit Insurance Corporation So now that you are armed with this information, what should you do? First, if you already have an RESP, check CDIC’s list of members to see if your bank is included, and then check with your bank to find out if the RESP is structured as a trust and has a beneficiary. Lastly, use CDIC’s online estimator to calculate your RESP coverage, and coverage of all your other accounts as well. Happy saving! This post has been sponsored by the CDIC and as such is compensated. My opinion is all my own and it is also truthful.

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Investing in RESPs: Saving for my daughter’s education

Paula — Tue, 16 Dec 2014 12:55:41 +0000

Well, she might not have said that, but it makes sense at Christmas time to boost the RESP contributions. How investing in RESPs helped me save for my daughter’s education I am the daughter of a teacher. In our home, education was valued above all as the ticket to a future, the means to become whatever you wanted. Growing up, we didn’t have much money because my Mom was a single parent, but we studied hard and dreamed and knew university was a way forward. Education was a gift that could last a lifetime. My Mom might not have had money, but she had dreams for us. I am a successful businessperson and journalist because my Mom really encouraged and nurtured my love of learning. Had she known about RESPs (Registered Education Savings Plans) back then, I have no doubt she would have enrolled us in one. When my husband and I adopted our beautiful first daughter, the sun rose and set on that baby and she was so loved by her grandma, my Mom. She was gifted armloads of the cutest pink baby confections and toys. Christmas was a glorious excuse to shop. You see, my Mom loved shopping almost as much as she loved teaching. Sears was her second home. My husband and I took out RESPs as soon as we could for both of our girls. I believe they were six months old by the time we were able to get the documentation required to start an RESP. Eventually my Mom came to the same conclusion we had – that sometimes it’s so much smarter to forego the latest gadget or toy for a child and instead gift them a start on their education. So every Christmas, and sometimes for birthdays too, my Mom would gift the girls money for their education. Both of my kids were old enough to understand that Grandma was far from rich, but she believed in them and so that present of a cheque each year spoke volumes. Grandma believed in them, she knew they had potential and ability and the strength to pursue a great future. That’s kind of what good parenting and grand parenting are all about: gifting them a hopeful future while creating a scaffolding of support along the way. I loved that my Mom was enlightened enough to believe in all of her grandchildren; she invested in each of them every year. There will always be toys and clothes and gadgets and there will always be some of those under the tree, but maybe this year you buy fewer toys and put the rest in the RESP. Maybe it’s time to suggest to grandparents, godparents, even aunts and uncles that education is a gift that shows a child you believe in their potential and RESPs are a gift that lasts a lifetime. RESPs are a Canadian product only. The benefit of an RESP is that opening one can also qualify you for education savings grants like the Canada Learning Bond as well as others. Income on savings within an RESP is tax sheltered until he child is ready to go to post-secondary school. My girls loved their grandma fiercely. She passed away 18 months ago and we miss her every day. Before she passed away, my Mom left each of the kids a bit of money that again went into their RESPs. It’s a gift for the future, meaning she will have an impact on their lives for years to come. Looking to start your own plan? Here’s a great company to check out: http://goo.gl/ppqYVj If you need to contact one of their representatives to ask more questions, check here: http://goo.gl/zBfGA/ This post was sponsored. My opinion is all my own. We are super committed to saving for RESPs.

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