BMO Bank of Montreal
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BMO Bank of Montreal

August 14, 2013 14:02 ET

'BMOst of Summer' Financial Tip: Start an RESP for Your Children This Summer and See Their Future Grow

TORONTO, ONTARIO--(Marketwired - Aug. 14, 2013) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense', BMO is releasing financial tips throughout the summer to help Canadians make the 'BMOst of summer' in 2013.

BMOst of Summer Financial Tip: Start an RESP for your children this summer and see their future grow.

Get a head start on saving for your child's education and contribute regularly to their Registered Education Savings Plan (RESP). Anyone, including grandparents, can invest in a child's future by opening up or adding to an RESP - an account designed to help grow funds for a post-secondary education.

"Contributing small amounts to your child's RESP can go a long way in saving for a post-secondary education," said Robert Armstrong, Vice President and Head of Managed Solutions, BMO Asset Management Inc. "The savings will grow over time through compounding interest and the funds provided by the federal government's Canada Education Savings Grant."

The basic Canada Education Savings Grant provides 20 cents on every dollar contributed, up to a maximum of $500 on an annual contribution of $2,500.

BMO offers a number of products and services that can help Canadians get more out of every dollar they spend this summer. For more details on how to make the 'BMOst of Summer', drop by a BMO branch or visit www.bmo.com.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.

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