Education Savings Application

The Education Savings Application allows you to model an RESP strategy for multiple beneficiaries. Planning for a child’s education can be expensive and complex, the Education Savings Application will let clients feel confident that they can plan for their children and grandchildren’s education.

You can establish beneficiaries, education expenses and future contributions through the Beneficiary Information window by clicking the button in the Assumptions area of the Application data entry.

*Although there is no data to link with the main Data Entry, you can link the RESP Report to the Client Report by clicking the button. Once Linked, the RESP Report will be available in the Generate Report window.

A button has also been included. Solve For Saving will allow you solve the required Future RESP Contributions to fund education expenses up to the available maximums. There are two tabs included; Savings and Summary.

• Savings – Compares Education Needs to Education Savings based on the Type of Plan selected in the top right corner. If ‘Family Plan’ is selected, the results displayed will be cumulative for all beneficiaries. If a beneficiary is selected, the results displayed will be based on that beneficiary only.
• Summary – Outlines the savings and expenses over time based on the Type of Plan selected in the top right corner. If ‘Family Plan’ is selected, the results displayed will be cumulative for all beneficiaries. If a beneficiary is selected, the results displayed will be based on that beneficiary only.

Assumptions

• Frequency of Contributions – Select the frequency for all future RESP contributions and taxable savings.

• Investment Rate of Return – Enter the annual rate of return to be applied to all asset values.

• Marginal Tax Rate – This tax rate will apply to the growth on all Taxable Savings entered.

• Number of Beneficiaries – Click to open the Beneficiary Information window. From here you can add or remove beneficiaries as needed, and enter any required Education Expenses and Education Savings.

Education Savings

Education Savings displays the total values for all beneficiaries entered. To modify this data, click the button in the Assumptions area of data. This will open the Beneficiary Information window and allow you to modify the data for individual beneficiaries.

• RESP Contributions To Date – Displays the total value of all past RESP contributions made to all beneficiaries entered.

• Past CESG Received – Displays the past Canadian Education Savings Grant received for all beneficiaries entered.

• Current Value of RESP – Displays the current RESP asset value for all beneficiaries entered. This includes all past contributions, CESG received and growth.

• Future RESP Contributions – Displays any planned RESP contributions for all beneficiaries entered. Frequency will be determined by the Frequency of Contributions selected through Assumptions.

• Current Value of Taxable Savings – Displays the current value of any additional Non-RESP savings available for all beneficiaries entered.

• Contributions to Taxable Savings – Displays any planned future Non-RESP savings for all beneficiaries entered. Frequency will be determined by the Frequency of Contributions selected through Assumptions.

Solve for Savings

will allow you to solve the required Future RESP Contributions to fund education expenses up to the available maximums for all beneficiaries entered. To view the results of this calculation, view the Summary tab.

! will only solve up to the available maximums for each beneficiary entered.