Saving for education

Non-registered investment account

What it is:

  • A taxable investment account that can be used for general and education savings.
Grandparents with children and grandchildren

Who can use it:

  • Everyone – parents, grandparents, relatives, family friends.
Young man standing against a wall

Main advantages:

  • Money accumulated may be used for any purpose, including education.
  • You retain control of the money.
  • There is no contribution limit.
  • There is no deadline as to when the funds must be used.
  • Any security can be held in the account.
Mother and daughter sitting on a hill

Potential limitations:

  • Investment earnings are fully taxable, restricting the growth of your money.
Students walking outside the school

Special considerations:

  • By choosing to invest mainly in equity investments, you can minimize taxes by earning dividend income and capital gains.