The WOW Factor of an RESP Gift
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The holiday rush is at our doorstep and time is becoming a precious commodity. To avoid overcrowded malls and get shopping done faster, people are turning to other alternatives, like online shopping or going for gift-cards. The registered education savings plan (RESP) for a child’s future education also makes for a meaningful gift that is easily ordered and delivered.
There’s only one pet peeve: the RESP doesn’t come in a gift box for the child to unwrap! Unfortunately, this minor setback has stopped numerous families from offering the RESP as gift... causing many children to miss out on the generous government grants offered for education savings.
You know that right now, your child isn’t pondering over his or her college applications; this toddler wants to rip at shiny paper and find hidden treasure. However, you can bet mom and dad have given thought to this future financial burden, and that the RESP will certainly have the WOW factor in their eyes. They are the ones who will genuinely appreciate the value of such a gift and the motivation it will likely provide for their child, encouraging his or her academic perseverance. A CROP survey commissioned by Universitas confirmed the RESP is indeed a gift parents would like to receive, with nearly 75% of the respondents saying they would be enthusiastic about the idea of a family member investing in an RESP for their child on a special occasion. This trend is most significant among parents aged 18-34 years (79%). If you’re still hesitant about the idea of the RESP as a Christmas or birthday gift when the child’s expectations are at their peak, there are countless other occasions to offer this present: a baby shower, new birth, baptism, early birthdays (when baby isn't doing any unwrapping), the child’s school debut, the first report card and the list goes on!
If you want to make the RESP as interesting for the child as it is for the parents, you could offer it with something symbolic for the child to unwrap. A subscription to a children’s magazine could be an appropriate side gift to encourage both education and reading, or a piggy bank to initiate your child to financial literacy and the importance of savings. In sum, children grow up fast and the RESP makes sure your savings grow with them! The government grants your child is entitled to make the RESP one of the best investments out there, so it’s worth being creative and finding occasions to offer it! For more information on RESP gift certificates available with Universitas, click here!