|By Marketwired .||
|November 24, 2012 02:14 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/24/12 -- According to a BMO Financial Group study, 42 per cent of Canadian parents are not confident that their children will be able to afford a post-secondary education including tuition, room and board, books and spending money.
Post-secondary costs have been increasing steadily over the past decade, with a four-year university degree currently costing upwards of $60,000. That sum could rise to more than $140,000 for a child born this year.
According to the study's key findings:
-- The majority (83 per cent) of parents anticipate that they will pay for their child's post-secondary education, while 44 per cent say their child will pay for at least some of it themselves. -- Almost one-quarter (22 per cent) have not spoken to anyone about their child's post-secondary education, including how it will be funded. -- More than one-third (35 per cent) of Canadian parents are not aware of key benefits of the Registered Education Savings Plan (RESP), including the federal government's contribution matching program.
RESPs and the government matching program
One way for parents to plan for their child's post-secondary education is to open a Registered Education Savings Plan (RESP) and make regular contributions. Government grants and compounded interest can add significantly to total savings.
For example, by contributing at least $2,500 to an RESP annually, you are eligible for a 20-per-cent Canada Education Savings Grant. The grant can be as much as $500 per year depending on your contribution.
"Parents should educate themselves on the various options available to help them save for their children's post-secondary education," said Robert Armstrong, Vice President, Managed Solutions and Registered Plans Strategy, BMO Investments Inc. "Taking advantage of the RESP government matching program is a great way to grow your child's education fund. After all, if you can get free money from the government to send your child to school, why not take advantage of it?"
BMO offers the following tips for parents, children and grandparents interested in starting or contributing to an RESP:
Start early: Apply for your child's Social Insurance Number and open an RESP. Contributing as little as $500 per year from early in a child's life could result in more than $20,000 in savings by the time the child enters college or university.
Think beyond cash: Include investments such as mutual funds, exchange traded funds (ETFs) and guaranteed investment certificates (GICs) in your RESP to maximize the potential for growth. Another option, BMO LifeStage Class Mutual Funds(i), allow investors to choose different time horizons - from five to 18 years to align with when their child will be starting post-secondary education - when investing. The funds annually shift their asset mix from an emphasis on equity funds to fixed income and cash equivalent funds as they approach their end dates.
Speak with a financial professional: A financial expert can help you make the most of your RESP by determining the contribution methods and investing strategies that are right for you.
For more information on RESPs, please visit: www.bmo.com/resp.
Get the latest BMO press releases via Twitter by following @BMOmedia.
The survey was fielded online by Pollara between August 17th and August 24th, 2012, with a sample of 801 Canadian parents with children under 18. A probability sample of this size would yield results accurate to +/- 3.5 per cent, 19 times out of 20.
(i)BMO Mutual Funds are offered by BMO Investments Inc., a financial services and separate legal entity from Bank of Montreal.
Commissions, trading commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Dec. 4, 2016 04:45 PM EST Reads: 1,633
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 04:15 PM EST Reads: 593
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 04:15 PM EST Reads: 4,138
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Dec. 4, 2016 03:00 PM EST Reads: 3,245
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Dec. 4, 2016 03:00 PM EST Reads: 2,516
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 4, 2016 02:15 PM EST Reads: 1,991
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Dec. 4, 2016 02:00 PM EST Reads: 918
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Dec. 4, 2016 02:00 PM EST Reads: 1,898
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 4, 2016 02:00 PM EST Reads: 572
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 4, 2016 01:45 PM EST Reads: 2,155
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Dec. 4, 2016 01:30 PM EST Reads: 1,535
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 01:15 PM EST Reads: 628
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 01:00 PM EST Reads: 762
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Dec. 4, 2016 12:45 PM EST Reads: 2,124
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 4, 2016 12:30 PM EST Reads: 1,671