Tuition is No Laughing Matter
That is, Except When Caroline Rhea is Involved
The actress/comedienne you know from Sabrina the Teenage Witch & The Caroline Rhea Show is getting the conversation started about post-secondary tuition, starring in a hilarious new campaign encouraging parents to save towards their children’s future via a Registered Education Savings Plan (RESP).
“As a mother, I know there’s nothing funny about university tuition, which is why I began saving for my daughter when she was just weeks old,” says Rhea. “I’m glad to share my knowledge and encourage other parents to start planning early!”
By 2034, the cost to send your child to university could exceed $ 150,0001. Furthermore, the Canadian Student Loan Program estimates the average student takes about 10 years to pay off their federal debt.
An RESP is a fantastic way to help counteract these costs, due to compounding interest and tax-sheltered growth — the main reasons to start one early. On top of that, RESPs let you take advantage of government grants, such as the Canada Education Savings Grant (CESG)*. Should you qualify, the CESG will add 20% on top of what you invest in an RESP, which can add up to an extra $7,200 over the life of the plan.
The #MyLittleDreamer Campaign (in partnership with Heritage Education Funds) is active on YouTube and the Google Network. The videos featuring Rhea aim to raise awareness of the importance of properly planning for the financial realities of a post-secondary education.
“We went with a humourous approach to build interest, but it’s a critical thing for young families to contribute to an RESP early,” explains Heritage President & CEO Jason Maguire. “At the end of the day, you want to have the funds available to help make your child’s dream a reality.”
And that’s no joke.