RESP Dealers Paid Out More than $210 Mill To Canadians in 2011

Canadian families helped send their kids to college and university with the help of over $210 million from Canada’s Registered Education Savings Plans.

According to the Education Savings Plan Dealers Association of Canada (RESPDAC), four of the leading providers delivered an impressive $210,282,309 in Education Assistance Payments in 2011.

“These are impressive numbers, especially in view of the current economy,” said Peter Lewis, Chair of RESPDAC.

“Canadian families are clearly understanding the need for higher education to help ensure future success and economic well-being for their children. And with the cost of post-secondary education rising steadily each year, it’s increasingly more important for families to begin saving as early as possible in a child’s life.”

Their numbers also show that these funds helped more than 98,000 post-secondary students across Canada. This also includes 90,000 new plans established in the same time period.

“According to Statistics Canada, roughly 70% of Canadian families are saving for post-secondary education, and over 65 percent of those families do so through an RESP,” said Lewis.

“Those are very positive numbers, and all of us in the RESP Dealers Association are gratified Canadians are viewing RESPs as a necessary and integral part of their financial planning.”