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economist simsuntribune personal finance saturday oct 1 2005 skyrocketing tuition has families investing in resps by patrick mangion staff writer tom and stacey webster figure it could cost as much as 300000 for their four children to follow in their footsteps thats the estimated bill to send them all to university starting in six years so they started saving well in advance with more relaxed rules and a grant program from the federal government the aurora couple decided to open a registered education savings plan resp about six years ago the government will con tribute 400 to those invest ing at least 2000 a year in their childrens education that was all the motiva tion the websters needed after crunching the numbers for themselves we both went to univer sity and we didnt have much savings for school we wanted a better strat egy to get our kids through said mr webster who earned an mba from mcmaster uni versity currently it would cost 15000 to 18000 a year to attend an ontario university including tuition residence books and meals mr webster expects it will cost upwards of 20000 for a year away at university by the time their youngest child a fiveyearold in kindergarten is ready to leave the nest the bank of montreal estimates the price tag on a fouryear degree including tuition and living costs will be about 96000 in 15 years resps garnered more interest when ottawa began topping up annual contribu tions with grants several years ago while resps are not near ly as popular as retirement savings skyrocketing tuition fees have helped bring the investment to the forefront said kevin thornton a bmo nesbitt burns investment advisor with the murdoch group if a parent started con tributing to a resp when the child is eight and con tributed for 10 years at 2000 per year with the government grant of 20 per cent and an assumed rate of interest of 7 per cent the account would be approxi mately 35000 by the time the child was 18 and started postsecondary learning mr thornton said before government changes made resps attrac tive parents were reluctant to invest in education plans because the funds would be forfeited if the child did not attend college or university as well the profile of resps was not aided by a report by the ontario securi ties commission last year five dealers of traditional savings plans firms that sell resps exclusively as opposed to banks were monitored closely by the commission following accu sations of highpressure sales tactics and targeting low- income families a year earlier a national report found some dealers were not meeting industry standards nevertheless as far as investments go resps are as close to a cantmiss product as there is mr thornton said youre not going to find many investments where you get a 20percent grant its taxfree as it grows and the beneficiary pays interest on any gains when the money is withdrawn living life to the fullest vvhercver you go whatever you jo tin amoena external breast form gives you 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