IMG Financial

Your Child's Education


From diapers to diplomas, your role as a parent evolves. Now, as the rhythm of life brings post-secondary education into focus, financial planning takes center stage.

The cost of tuition, soaring above $6,000 annually, poses a substantial investment. Especially for families with multiple children, navigating this financial terrain requires careful consideration.

Enter the Registered Education Savings Plan (RESP), a beacon of financial support. Contributions trigger a 20% match from the Canadian Education Savings Grant, a gateway to $500 in free funds annually. For those with lower income, a 30-40% match on the initial $500 adds extra financial padding. A trust account stands as another strategic pillar to ease the burden of college expenses.

Though the prospect of funding post-secondary education might seem overwhelming, at IMG Financial acts as your guide, charting a roadmap for gradual progress. Before you realize it, your child will emerge from the halls of higher learning, and the cycle begins anew—with diapers on your grandchildren.

Prepare for the future wisely. Connect with your financial advisor to craft a tailored plan for your child’s educational journey.

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Empower your child’s academic journey with the Registered Education Savings Plan (RESP). This strategic investment avenue not only fosters tax-deferred growth but also unlocks a treasure trove of benefits.

RESP Contribution Limits:
Navigate the financial landscape wisely, with a lifetime contribution cap of $50,000 per beneficiary. The Canada Education Savings Grant (CESG) sweetens the deal, providing a maximum of $7,200, reinforcing your commitment to educational pursuits.

CESG Dynamics:
The CESG, a beacon for parents, offers a minimum grant of 20% on RESP contributions, escalating to a maximum of $5,000. Income-driven nuances sculpt this grant, ensuring at least 20 cents for every dollar on the initial $2,500 of annual RESP savings. Keep pace with evolving income brackets, as Ottawa continually refines the CESG parameters.

Transformative Changes:
Witness the evolution of RESP dynamics. Embrace expanded eligibility, increased contribution limits, and newfound flexibility if your child’s educational path takes unexpected turns. Ottawa’s generosity extends to RESP contributors, allowing a seamless transfer of up to $50,000 in interest to their RRSP.

Choosing Your RESP Path:
Dive into the RESP realm with clarity. Scholarship Trust RESPs amalgamate contributions into a shared investment pool, managed collectively. Alternatively, self-directed RESPs empower you to cherry-pick investments, tailoring the plan to your preferences. Whether for one child or a family plan, RESP flexibility caters to diverse needs.

RESP vs. External Saving:
Unleash the full potential of RESP with the CESG, outperforming external saving by a staggering 40%. A $25 bi-weekly contribution, flourishing tax-free within RESP, burgeons to $18,790 over 15 years. The CESG infusion transforms the financial landscape, making RESP an unparalleled choice for securing your child’s educational future.

Embark on this educational odyssey thoughtfully. Consult the Canadian Education Saving Grant website for the latest insights. Select an RESP plan aligned with your aspirations—because your child’s education deserves an investment that transcends generations.



Grandparents, the perennial gift-givers, hold a unique opportunity to transcend traditional material offerings. Move beyond age-inappropriate toys or pricey gadgets and consider a gift that resonates across generations—education.

The Pitfalls of Material Gifts:
While love is evident in every grandparent’s gift, the challenge lies in aligning with the parents’ values and providing items of genuine relevance. Grandparents often tread a fine line, navigating between the allure of lavish presents and the need for meaningful contributions.

The Gift of Knowledge:
Shift the narrative by bestowing the gift of knowledge—an investment in your grandchild’s future. As grandparents, your financial stability in retirement opens avenues to contribute substantially to their education through a Registered Education Savings Plan (RESP).

Why Choose an RESP:
Embark on this educational journey by initiating an RESP at the moment your grandchild receives a Social Insurance Number (SIN). Here’s why it’s a gift beyond measure:

Comparable to a New Car:
The cost of tuition and living expenses for the first year of post-secondary education aligns with the purchase of a new compact car.

Government Grants:
Your annual contribution of up to $2,500 per child attracts a federal grant of $500 or 20%. Leverage this to bolster your grandchild’s educational fund.

Focused Withdrawals:
Unlike a Tax-Free Savings Account (TFSA), an RESP is purpose-driven. Withdrawals are contingent upon proof of admission to an authorized post-secondary institution.

Tax Efficiency:
Tax is levied when funds are withdrawn, but it’s based on the student’s tax bracket, typically a lower rate.

Substantial Contribution Limit:
With a cap of $50,000 per grandchild, coupled with government contributions and strategic investment, you can potentially cover 2 or 3 years of tuition and living expenses.

Balancing Material Gifts and Educational Fortune:
Celebrations need not lose their sparkle. Trim the budget for material presents, redirecting a portion to an envelope harboring the promise of educational fortune. While the significance may elude younger minds, growing alongside this gift, they’ll come to treasure the key to their academic aspirations.

If you seek information on gifting strategies or wish to embark on the RESP journey for your grandchild, connect with our office. Let the joy of giving extend beyond the present, shaping futures and nurturing aspirations.



The Tax-Free Savings Account (TFSA) stands as a beacon in the realm of financial planning, offering Canadians a unique avenue for tax-efficient wealth accumulation. Let’s dive into the key facets of this registered savings account.

The Essence of TFSA:
The TFSA operates as a sanctuary for investment income, shielding it from the clutches of taxation. Contributions to the account don’t wield the power of tax deductions, yet the allure lies in the tax-free nature of both investment earnings and withdrawals.

Eligibility Criteria:
Open to any individual over 18 and a resident of Canada, the TFSA presents an inclusive opportunity for a broad spectrum of taxpayers. Trusts, however, find themselves on the sidelines, excluded from TFSA eligibility.

Understanding Contribution Room:
The annual contribution room is a dynamic interplay of three components:

1. Annual Maximum: Each year brings forth a new maximum contribution limit. For instance, the ceiling for 2020 was set at $6,000.

2. Replenishing Contributions: Any withdrawals from the previous year become fresh ammunition, augmenting your contribution room for the current year.

3. Unused Contributions: The uncharted territories of contribution room from the preceding year become accessible, gifting you the potential to enhance your financial fortress.

Investment Flexibility:
The TFSA is not just a tax haven but a versatile financial vessel. It welcomes a diverse array of investments, mirroring the realm of a Registered Retirement Savings Plan (RRSP). Mutual funds, GICs, fixed-income instruments, and specific small business corporation shares all find a home within the TFSA.

Guided by the CRA:
The Canada Revenue Agency (CRA) assumes the role of the TFSA conductor, orchestrating contribution room calculations based on information disseminated by issuers. When you file your annual T1 individual income tax return, the CRA synchronizes your contributions with the prevailing rules.

Unlocking the Benefits:
To unveil the full spectrum of benefits nestled within the TFSA landscape and to explore tailored strategies aligning with your financial goals, our office stands ready. Reach out for personalized insights into the TFSA realm.

For a comprehensive FAQ experience, navigate to our website through the link provided. The TFSA isn’t just an account; it’s a gateway to tax-efficient financial growth.