Paying for Education

Post-secondary education can be expensive, however, having the opportunity to plan for it helps with making sure that you’re capable of meeting the costs of education. In addition, when you have a plan, it’s easier to make financial decisions that align with your goals and provide peace of mind.

There are 7 main sources of funds for paying for post-secondary education:

1. Registered Education Savings Plan (RESP) — A tax-sheltered account designed specifically for education savings, with government grants (like the Canada Education Savings Grant) that boost your contributions.

2. Tax-Free Savings Account (TFSA) — Flexible, tax-free growth and withdrawals that can supplement education funding without affecting eligibility for other programs.

3. Life Insurance — Certain policies with cash value can be a supplementary source of education funding.

4. Scholarships, grants, bursaries — Free money based on merit, need, or specific criteria that never has to be repaid.

5. Personal Loans, Lines of Credit — Flexible borrowing options that can bridge funding gaps.

6. Government Student Loans — Federal and provincial student loan programs with favourable repayment terms and interest relief options.

7. Personal Savings — Regular savings earmarked for education costs.

If you would like to discuss how to build an education funding plan that fits your family’s goals, please reach out — we’re happy to help.