Terume m stuut { weme amith Ihe Decounte t «emar. Sudert & & e o e vee e e e e o en Wt sasiet ‘erm Nn‘ [0â€" 0A 205 mwmnmwmmwnmmwemcmufmmnwnmlwm-,mwmmm athie cuppies ast. Poducs may vot be #«actly as shown . Eariv evmnation fees appty for all term agreements. Other conditions apply (7)Subrect to a 3 yr agreement on a $45/mth plan (2) Available with new actwations on a vorre umt fate gam m oa Ler sgreement . $Slefer: us manthty $6.35 System Access fee and $0.75 3. ! ! fee: (4Â¥kaslable «nth new activations on a } yr agreement After 6 months, the unkmated local tailong feature will be removed and «nur vequiar ate piam «ol apors unmumâ€"-a-â€"-hmmumwawm.mmm"nmmummawwu @esearrct io NMutien _.mfext . ised ty germssiorn Call Lyan at 623â€"739% ext. 210 to advertise in this feature T1 Feams @ Seansrer O: / momeee tas Servece +998 mespeter Rct. 140 Sivercreek Plwy #4 3012 King Street E Highland Hils Mail Conestoga Mail st9 raq 43423 519 8218333 519 894â€"2211 519 744â€"7781 519 888â€"9615 Camoncage Centre Stomne Road Mail Fanview Park Mail 519 674 644 519 821â€"3792 519 894â€"1333 Building education into your finances masun is over. it doesâ€" t mean we should stop thinking about saving unol this nme nexf vear. For parents. another area of planning is saving for their chuldrens postâ€"secâ€" ondary educaton. The typical vefucle tor educanon savings is a Regssâ€" tered Education Savings Plan (RESP: . which is an artracuive way to save for the nsing cost of education. Br Yhomaei TownsaEnt Lor The Chromucle The obvious benefits of using an RESP are that the growth in the plan is taxâ€" sheitered. and the governâ€" ment provmides 20 per cent of the vears contnbution (to a maximum of $400) In addition. the RESP payments are taxed at the chuld‘s tax rate. and. since he or she will usually be in a low tax bracket, little or no tax will be paid on the amounts wichdrawn. RESPs is quite simple. but there are a few issues you‘ll want to consider. A common question for parents is, "What happens to the RESP if our chuld doesn‘t pursue postâ€"secondary eduâ€" canon?" if certain conditions are met â€" parents (or subscribers) can transfer the accumulatâ€" ed income to an RRSP or spousal RRSP _ Thus, it makes sense to open an RESP joint with This way. you have access to combined RRSP contribuâ€" uon room. Unfortunately, if you don‘t have the contribution room. the accumulated income will be taxable at WATERLOO your marginal tax rate You‘ll also want to ensure that you do not exceed the maximum annual RESP timâ€" its. From ume to time, I have encountered a scenario where parents have estabâ€" lished RESPs without coordiâ€" nating the contributions. As a result. the RESPs were subjected to a tax penalty, which is one per cent per month of the overâ€" contribution amount. Although other education savings vehicles exist, RESPs are a taxâ€"effective method to prepare for your child‘s postâ€"