(December 4 – 11:00 ET) – Bank of Nova Scotia is giving away teddy bears to charities and children’s hospitals for new registered education savings plans opened with a minimum monthly contribution of $100.

“Customers who open an RESP this year will receive two plush teddy bear toys, one for the RESP recipient and one to deposit in the charity toy bank at one of more than 1,100 Scotiabank branches across Canada,” said Ron Laursen, Scotiabank’s senior vice president, retail deposits and investments. “RESPs are becoming a popular holiday gift so it makes sense to add two more gifts to the package: one for the child who will receive the RESP, and one for charity.”

According to Statistics Canada, in just over a decade, the cost for four years of post-secondary education will be approximately $74,000 for one child. Customers can use the Scotia RESP Reality Check — online or in the branch — to figure out how much is needed to save for their children’s education.

According to the bank, an investment of $100 a month, for example, will grow to $51,937 in 18 years (based on annual growth of 7% and taking advantage of the Canada Education Savings Grant program.) This federal program will pay a 20% contribution on the first $2,000 of annual contributions made to eligible RESPs to a lifetime maximum of $7,200 per child. Choices for RESP investments include a premium rate daily interest savings account and Scotia Mutual Funds.
-IE Staff