NameTitleDate

Hi-ho, hi-ho it’s off to school they go

Post-secondary education

Start planning and saving

Several options

Regardless of budget

How Much Does a Post-Secondary Education Cost?

Resources

Websites of schools of interest

Education Cost Calculator www.canlearn.ca

Financing your children’s dream

Cost of obtaining a degree has risen by 180% since 1990/91

Source: “Average Cost for Undergraduate Fees”, CAUT Education Review, Vol. 5, No. 1, 2003

Tuition $6,000

Fees (athletic, health services, student association and other)

$1,000

Residence with meal plan $5,000

Books and supplies $1,000

Technology (laptop, cell phone) $1,500

Transportation (public) $800

Pocket money ($50/week) $1,600

Total $16,900

Annual estimated cost of University

All costs are averaged across all provinces and rounded to the nearest hundred, based on a 32-week school year.

Registered Education Savings Plan (RESP)

Tax sheltered

Contributions and investment returns grow tax-free

Canada Education Savings Grant (CESG)

Contributions of 20% on the first $2,500 each year

Maximum of $500 per year, per child

Feature Details

Contribution $50,000 lifetime limit per beneficiary

Contribution age limit

Family plan - before 21st birthdayNon-family plan – end of 21st year

Plan age limit Before December 31st of 25th year

Overcontribution penalty

1%/month at the end of the month, counts towards the $50,000

CESG 20% of annual RESP contribution on the first $2,500 each year

Refund of contributions

Withdraw contributions tax-free at any time (may have to repay any CESG contributions)

Educational assistance

$5,000 maximum payout within first 13 weeks of education program

Source: Canada Revenue Agency

RESP Overview

Additional sources for funding

Child helps contribute through part-time job

Co-op program

Child works part-time during school

Pursue scholarships

$200 million distributed annually

Value from $100 to $19,000

70% go to first-year students

Source: Maclean’s Guide to Canadian Universities, 2006, page 174

Scholarships – 2 categories

1. High-ranking academic students Entering into a program or after completion Community services may be considered

2. Need-to-apply Offered by corporations, charities,

governments, private philanthropists Thousands available

Surf the internet

www.ScholarshipsCanada.com

Customize your search

Over 7,000 listings of scholarships, bursaries and awards

Resources

www.scholarshipscanada.com

www.aucc.ca/scholarships/open_e.html

www.millenniumscholarships.ca

www.studentawards.com

www.schoolfinder.com

www.canlearn.ca

www.canadian-universities.net

Diploma pays dividends

Graduates can expect to earn 12 – 20% more than non-graduates

Source: McLeans Guide to Canadian Universities, 2006, page 46

Important Notes

The commentary in this presentation is for general information only and should not be considered investment or tax service to any party. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation.

Manulife Investments is the brand name identifying the personal wealth management lines of business offered by Manulife Financial and its subsidiaries in Canada. As one of Canada’s largest integrated financial services providers, Manulife Investments offers a variety of products and services including: segregated funds, mutual funds, principal protected notes, annuities and guaranteed interest contracts.

Manulife and the block design are registered service marks and trademarks of The Manufacturers Life Insurance Company and are used by it and its affiliates including Manulife Financial Corporation.