What is the RESP contribution deadline? + MORE Oct 30th

Between the gifts and the gatherings, the month of December can be an expensive time of the year. It’s a tough month to think about saving for your child’s future education on top of everything else. (We get it!) But there’s good reason to plan ahead and put some extra cash aside before the end of the year: December 31 marks the annual deadline for your registered education savings plan (RESP) to receive government grants.

To maximize your savings and help to ensure your child has the funds they need when they go off to college or university, you’ll need to deposit yearly contributions—and do it before the ball drops on New Year’s Eve. An RESP can stay open for as long as 35 years, so why the urgency? You need to meet the RESP contribution deadline in order to receive the maximum amount of grant money from the government, which could be as much as $500 a year. Consider it a “holiday gift” for their future.

Why contribute to an RESP every year

One of the best ways for you to save for your child’s higher education is to open and contribute to an RESP…

Allan Small, Senior Investment Advisor at the Allan Small Financial Group with iA Private Wealth, shares financial headlines and offers context for Canadian investors.

Third quarter earnings are here from tech

Earnings season is here, as technology’s biggest players reported their third quarter earnings. This follows on the heels of the big U.S. banks reporting their earnings the week prior. The main takeaway from the banks’ earnings—which were pretty good across the board—and what their CEOs said, that the money in consumers’ savings accounts is dwindling. And that points to less spending and a slowing economy in the near future. (All values in this section are in U.S. currency.)

This week, we heard from the tech titans, including Microsoft, Alphabet and IBM. What do you, Canadian investors, want to know specifically about tech stocks? Is growth still happening, and from where is it coming from? The third quarter earnings reports demonstrate just why tech has been the only real centre for growth in the markets over the past year—and why that growth will continue…