ReportWire

Tag: student finance

  • PayMyTuition Launches Student Manager to Revolutionize Student Financial Management

    PayMyTuition Launches Student Manager to Revolutionize Student Financial Management


    TORONTO, October 15, 2024 (Newswire.com)
    –
    PayMyTuition, a leader in payment processing solutions for educational institutions, is excited to announce the launch of Student Manager, an advanced platform designed to centralize and simplify student financial management. By integrating seamlessly with Student Information Systems (SIS) and PayMyTuition solutions, Student Manager offers institutions a powerful dashboard that provides a comprehensive view of each student’s financial profile. This innovative tool empowers campus staff to deliver fast, accurate, and real-time support, ultimately enhancing the student experience.

    “With more students making online payments, institutions need a streamlined approach to financial management,” said Arif Harji, Chief Market Strategist at MTFX Group. “Student Manager is a game-changer. It centralizes critical student financial data in one place, allowing institutions to improve service efficiency, reduce administrative burdens, and elevate the student journey.”

    Key Features of Student Manager:

    • Student Account Information: Instant access to student financial details, enabling staff to answer inquiries quickly.
    • Payment Information: Easily track payment histories and balances in real-time.
    • Financial Aid: View financial aid status with just a few clicks.
    • Authorized Users and Permissions: Securely manage user permissions and student account access.

    Seamless Integration for Enhanced Efficiency

    Student Manager integrates directly with existing SIS and PayMyTuition platforms, allowing institutions to pull together data from various systems. This comprehensive approach ensures that staff can access critical information in one unified view, including:

    • Account balances, holds, and academic information.
    • Student consents and agreements.
    • Demographics and class schedules.

    Expanding Functionality with Payments and Departmental Deposits

    Student Manager goes beyond standard account management by offering modules for Payments and Departmental Deposits. These features enable staff to accept payments in person, over the phone, or digitally, simplifying financial management across departments and reducing the burden on the business office.

    Real-Time Insights and Proactive Solutions

    By providing real-time integration with student information systems, Student Manager allows institutions to identify payment trends and manage potential issues before they escalate. Staff can proactively offer solutions, such as setting up payment plans for students who may be falling behind on their payments. This capability not only improves customer service but also fosters greater student engagement and retention.

    Key Benefits of Student Manager:

    • Improved Student Experience: A one-stop platform that resolves most inquiries in a single session, eliminating the need to refer students to other departments.
    • Quick Staff Onboarding: Easy-to-use interface and common terminology allow new staff to assist students immediately.
    • Proactive Assistance: Data-driven insights enable staff to identify and address trends, offering tailored support to students.
    • Increased Efficiency: Centralized access to critical information reduces time spent navigating multiple systems.
    • Enhanced Productivity: Staff across campus, including non-business office personnel, can securely access and manage the information they need to assist students.
    • Secure Data Management: Role-based permissions ensure that sensitive student information is protected, granting access only to authorized users.

    Expanding Student Manager’s Capabilities

    For institutions looking to further streamline their financial operations, Student Manager offers additional modules, including:

    • Payments Module: Accept payments in person using credit cards, debit cards, checks, cash, or ACH, while staff can handle same-day transaction voids and daily reconciliation.
    • Departmental Deposits Module: Manage non-student payments, such as facility rentals or parking fines, extending the one-stop platform for campus-wide use.

    Conclusion

    PayMyTuition’s Student Manager is an all-in-one solution that centralizes financial, academic, and demographic data, empowering institutions to provide faster, more efficient student support. With real-time insights, seamless system integration, and extended functionality, Student Manager ensures that student accounts are managed accurately and efficiently, enhancing the overall student experience.

    To learn more about how Student Manager can transform your institution’s student financial management, visit www.paymytuition.com.

    About PayMyTuition:

    PayMyTuition, part of the MTFX Group of Companies, is a leading provider of payment processing solutions for educational institutions. Headquartered in Toronto, Canada, with offices in Jersey City, NJ, MTFX Group has over 25 years of experience in global payments and foreign exchange, serving more than 8,000 clients across North America.

    Media Contact:

    PayMyTuition Media Relations
    Email: media@paymytuition.com

    Source: PayMyTuition

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  • “Not free money”: What students should know before getting their first credit card – MoneySense

    “Not free money”: What students should know before getting their first credit card – MoneySense

    Tips on building a credit score

    Paying your full balance each month shows you’re using credit correctly—you’re budgeting—your spending doesn’t exceed your earnings. Young consumers are still getting into trouble during this life phase, said Thuy Lam, a certified financial planner at Objective Financial Partners.

    “I see so many students—even when I was a student, my own friends—get into $20,000, $30,000, and $40,000 of credit card debt during school years because they don’t realize that, ‘Oh, it’s not free money,’” she said.

    Get a low limit and resist any offers to increase it until you’ve established good spending habits, Lam added. For students with minimal cash flow—not working part-time during school, little savings—this credit card barely needs to be used at all. 

    You can drop one recurring bill on your card, like a phone plan. A small amount is easy to pay completely and having it show up every month establishes a good history of timely payments.

    “I think the key is keeping in mind: what is the purpose of a credit card?” Lam said. “And for students, that’s No. 1: facilitating small bill payments and, No. 2: building and establishing credit.

    “The purpose of a credit card is not so we can spend freely, it’s because we live in a credit system,” she added. “It’s just important to establish credit and keep it healthy.” 

    Are rewards credit cards good for students?

    As for rewards, Taub pointed out that some students may have support from their parents, savings, RESPs, or scholarships—and with those resources, they might find value in travel, concerts or other lifestyle perks. 

    But she also noted most students are struggling financially; a recent TD survey found 65% of students said they were financially unstable. There may be more value in a simple cash-back card.

    The Canadian Press

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  • How to build credit history in Canada – MoneySense

    How to build credit history in Canada – MoneySense

    How to get a credit card in Canada

    Well, you apply. But make sure you’re applying for the right card and that you have a high chance of being approved. You see, the credit card company will check your credit history, and that can affect your current credit score. So, don’t apply for a bunch and hope for the best, as that could make it look like you are at risk for having access to too much credit. The good news: There are many types of credit cards in Canada, including those for newcomers to Canada, students and even those with bad or no credit. Check out our rankings for the best credit cards in Canada for your situation.

    Once you have a credit card you will want to maintain good credit habits, like paying it off on time and paying more than the required minimum payment. Here are some other articles that will help you navigating your first credit card in Canada.

    Read:

    Why is credit history important?

    Say you want to rent an apartment. Your credit history is vital because most landlords will want to see your credit score and credit report to judge whether you’ll pay your rent on time. If you get the apartment, you’ll want an internet connection—and for this, too, the large providers will query your credit score.

    If you need to buy or lease a car, your credit history will not only determine whether you’re approved for a loan, but also what interest rate you’re offered: the higher your credit score, the lower the interest rate. Insurance companies may check your credit history before providing coverage. And finally, if you want to buy a home, your credit history is key to qualifying for a mortgage, as well as what mortgage interest rates lenders will offer. A lower rate could save you tens of thousands of dollars over the life of your mortgage.

    Read:

    How to build a good credit history when you have no credit history

    Credit history is usually built organically as people start using credit. In Canada, young people who have reached the age of majority (18 or 19, depending on where they live) can apply for a credit card and start building a history of borrowing and repayment.

    If you’re a newcomer to Canada, or if you’re a student, recent grad or young adult who doesn’t have much of a credit history, your credit score may be low—which is a hurdle in getting approved for credit. It’s a frustrating cycle—you need credit history to access credit, and you need credit to build that history. So, what’s the solution? Here are a few steps anybody can take to build their credit history:

    Aditya Nain

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  • “I’m interested in visiting Europe”: How this student can build a credit score while earning valuable travel rewards – MoneySense

    “I’m interested in visiting Europe”: How this student can build a credit score while earning valuable travel rewards – MoneySense

    Before heading to school, Kinsey acquired her first credit card, an Alterna Savings Cash Back Visa. Although she also banks with EQ Bank, her primary bank card was with Alterna Savings and Credit Union. “So it was kind of natural and the easiest way for me to get a credit card,” she explains.

    Still new to credit cards, Kinsey doesn’t have a credit score—a number between 300 and 900 that shows lenders how creditworthy you are (the higher the score, the better). She’s looking to build one while also earning rewards—be it cash back (to “make the most of my spending”) or travel points (she’s an Aeroplan member). 

    Kinsey is an avid traveller—she recently visited Greece and Japan, where she has family. “I’ve been down south to Cuba and Florida. I went to Halifax, because I have some friends out there. I’ll travel within Canada, but I’m definitely more interested in visiting places in Europe,” she says. 

    Photo courtesy of Aya Kinsey

    What credit card features does she need? 

    Like many university students, Kinsey’s ambitious, eager to travel and just wants to find her financial footing. Given her existing ties to Alterna, it’s no surprise she ended up with an Alterna Savings Cash Back Visa—most Canadians stick with the same financial institutions for a good part of their lives. But, Kinsey can find a credit card better suited to her needs by expanding her horizons. 

    With Alterna, she gets 1 Collabria reward point per $1 spent on groceries, gas, public transit, select recurring bills and digital streaming purchases, and 0.5 points on all other purchases. The value of those points maybe an issue. The value of a Collabria point fluctuates based on what you’re redeeming for: cash back offers the best value, at $0.01 per point, but you must redeem in increments of 3,000 points (for $30), 5,000 points ($50) and 10,000 points (for $100), depending on the Collabria card you have. And when redeeming for travel, merchandise or gift cards, a point can be worth anywhere from $0.002 and $0.008. This means cardholders earn a maximum return of 1% in rewards ($0.01) for every dollar they spend. Often, the return is less than that. 

    For Kinsdey, it’s clear travelling is a priority. She needs a credit card that can cheapen the costs of flying to visit family and friends. At the same time, she’s just getting familiar with paying for life on her own, tuition being her biggest expense, and her income this year will be modest at best—she hopes to freelance as a content marketer. 

    So, right now, Kinsey’s primary goals should be building a credit score and increasing her income potential by completing her studies. Later in life, she will likely have access to plenty of premium travel credit cards to match her desired lifestyle—for example, she’ll need a personal annual income of $60,000 for Visa Infinite cards and $80,000 for World Elite Mastercards. 

    Which credit card should she get?

    Credit card pick #1: CIBC Aeroplan Visa Card for Students

    For her current situation, the CIBC Aeroplan Visa Card for Students would tick a lot of boxes. It’s a no-fee, no-income-required card. Kinsey’s already an Aeroplan points collector, and the CIBC Aeroplan Visa would add 1 Aeroplan point to her account per $1 spent on Air Canada purchases (such as future flights) and on groceries—she has a campus meal plan but expects it won’t cover all her food expenses. That’s in addition to points already earned as an Aeroplan member, through the “earn points twice” feature of Aeroplan credit cards. 

    Justin Dallaire

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  • “I’m interested in visiting Europe”: How this student can build a credit score while earning valuable travel rewards – MoneySense

    “I’m interested in visiting Europe”: How this student can build a credit score while earning valuable travel rewards – MoneySense

    Before heading to school, Kinsey acquired her first credit card, an Alterna Savings Cash Back Visa. Although she also banks with EQ Bank, her primary bank card was with Alterna Savings and Credit Union. “So it was kind of natural and the easiest way for me to get a credit card,” she explains.

    Still new to credit cards, Kinsey doesn’t have a credit score—a number between 300 and 900 that shows lenders how creditworthy you are (the higher the score, the better). She’s looking to build one while also earning rewards—be it cash back (“to make the most of my spending”) or travel points (she’s an Aeroplan member). 

    Kinsey is an avid traveller—she recently visited Greece and Japan, where she has family. “I’ve been down south to Cuba and Florida. I went to Halifax, because I have some friends out there. I’ll travel within Canada, but I’m definitely more interested in visiting places in Europe,” she says. 

    Photo courtesy of Aya Kinsey

    What credit card features does she need? 

    Like many university students, Kinsey’s ambitious, eager to travel and just wants to find her financial footing. Given her existing ties to Alterna, it’s no surprise she ended up with an Alterna Savings Cash Back Visa—most Canadians stick with the same financial institutions for a good part of their lives. But, Kinsey can find a credit card better suited to her needs by expanding her horizons. 

    Her Alterna card is associated with Collabria rewards, a loyalty program that works with some Canadian credit unions. She gets 1 Collabria reward point per $1 spent on groceries, gas, public transit, select recurring bills and digital streaming purchases, and 0.5 points on all other purchases. The value of a Collabria point fluctuates based on what you’re redeeming for: cash back offers the best value, at $0.01 per point, but you must redeem in increments of 3,000 points (for $30), 5,000 points ($50) and 10,000 points (for $100), depending on the Collabria card you have. And when redeeming for travel, merchandise or gift cards, a point can be worth anywhere from $0.002 and $0.008. This means cardholders earn a maximum return of 1% in rewards ($0.01) for every dollar they spend. Often, the return is less than that. 

    For Kinsdey, it’s clear travelling is a priority. She needs a credit card that can cheapen the costs of flying to visit family and friends. At the same time, she’s just getting familiar with paying for life on her own, tuition being her biggest expense, and her income this year will be modest at best—she hopes to freelance as a content marketer. 

    So, right now, Kinsey’s primary goals should be building a credit score and increasing her income potential by completing her studies. Later in life, she will likely have access to plenty of premium travel credit cards to match her desired lifestyle—for example, she’ll need a personal annual income of $60,000 for Visa Infinite cards and $80,000 for World Elite Mastercards. 

    Which credit card should she get?

    Credit card pick #1: CIBC Aeroplan Visa Card for Students

    For her current situation, the CIBC Aeroplan Visa Card for Students would tick a lot of boxes. It’s a no-fee, no-income-required card. Kinsey’s already an Aeroplan points collector, and the CIBC Aeroplan Visa would add 1 Aeroplan point to her account per $1 spent on Air Canada purchases (such as future flights) and on groceries—she has a campus meal plan but expects it won’t cover all her food expenses. That’s in addition to points already earned as an Aeroplan member, through the “earn points twice” feature of Aeroplan credit cards. 

    Justin Dallaire

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  • Micro-credentials in Canada: Is it worth it to upskill? – MoneySense

    Micro-credentials in Canada: Is it worth it to upskill? – MoneySense

    These digital-first bragging rights are known as micro-credentials, and they’re booming right now. Micro-credentialing has been accelerated by the pandemic-driven demand for online learning, job-seekers’ efforts to upskill or reskill, and educational institutions’ desire to attract more students. 

    If you’re looking to increase your skill set or stand out from a sea of job candidates, micro-credentials could be a worthwhile investment—plus, you may qualify for financial assistance or tax credits. The trick is to choose a micro-credential program that’s right for you and your goals.

    What is a micro-credential? 

    A micro-credential is similar to a certificate or a degree, but more targeted and with less of a time commitment. Essentially, it’s a skills or learning upgrade that is focused on helping workers meet the needs of employers—or, conversely, of helping employers find or train workers with the skills they need. And it’s a recorded achievement: you earn a badge or certificate, or something else to prove you earned each particular credential.

    Micro-credential programs are often offered by universities and colleges, but you’ll also find programs from major employers like IBM and Salesforce, specialty providers such as FutureLearn and Coursera, and non-profits. Many other individuals and organizations offer learning and training programs, too: you might see courses available from your favourite finance blogger, or from organizations like Raw Signal Group and The Trauma of Money. Since trustworthiness is a key factor in micro-credentials, institutions that already have that trust baked in are well placed to flourish in this relatively new industry. Whether you choose to go with an accredited educational institution or a startup depends on what you want to learn and why.

    What are people most interested in when it comes to micro-credentials? According to Google data from early August 2024, top searches include:

    1. PMP (project management professional)
    2. CPR (cardiopulmonary resuscitation)
    3. Food handler
    4. Food safety
    5. BLS (basic life support)
    6. CSM (certified scrum master)
    7. WHMIS (Workplace Hazardous Materials Information System)
    8. Smart Serve certification (responsible liquor training program for Ontario)
    9. Cybersecurity certifications
    10. Google certification

    And the top-searched topics on eCampusOntario’s Micro-credentials Portal over the past 12 months are: 

    1. Project management 
    2. Accounting 
    3. Data 
    4. Leadership 
    5. Business 
    6. Payroll 
    7. Health 
    8. Marketing 
    9. Mental health 
    10. Finance 
    11. Human resources 
    12. Data science 
    13. Law 
    14. Python 
    15. Construction 
    16. Education 
    17. Writing 
    18. Digital marketing 
    19. Healthcare 
    20. Cybersecurity 

    According to the Higher Education Quality Council of Ontario (HEQCO), the two defining features of micro-credentials are a narrow scope and a short completion time. That makes efficiency the primary appeal of micro-credential programs. Degrees take years to complete and often contain requirements that are superfluous for those in mid-career. And, of course, many Canadians simply don’t have the resources to take extended time off to upgrade their skills or go back to school full-time. 

    Micro-credential programs are appealing in other ways, too. Many are offered online or in a hybrid format, meaning students can complete them on their own schedule. Micro-credentials also tend to be timely and relevant, so that people can acquire competencies they can use immediately. Canada-based programs can be a useful bridge for newcomers trying to localize their international skill sets and experience. Plus, they’re more affordable than traditional in-depth education and skills programs. In essence, they’re mini-programs that offer you what you need, when you need it—and no more.

    Kat Tancock

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  • Is an RESP worth it? Yes, even if only for the government grants – MoneySense

    Is an RESP worth it? Yes, even if only for the government grants – MoneySense


    Why open an RESP? Grants and tax-deferred growth

    The federal government introduced the RESP nearly 50 years ago to help families save for their kids’ post-secondary education. The big draw for parents: Investment growth inside an RESP was (and still is) tax-sheltered. You can contribute up to $50,000 per child into an RESP, and the account can stay open for up to 35 years.

    In the years since the RESP was launched, the government has added grant programs to further encourage families to save.

    RESP grants

    • Canada Education Savings Grant: The CESG is a matching grant. For the “Basic CESG,” the government will match 20% of your contributions, up to $500 per year. To get the full $500, you would need to contribute $2,500 in a year. If your family’s adjusted income is below a certain amount, you can also receive the “Additional CESG,” which is an extra 10% or 20% on your first $500 per year. The CESG’s lifetime maximum, including any Additional CESG, is $7,200 per child.
    • Canada Learning Bond (CLB): Kids born in 2004 or later whose family’s adjusted income is below a certain threshold could get $500 the first year they’re eligible, plus another $100 each year until they reach age 15, if they continue to qualify (based on income). To apply for the CLB, you don’t need to make a personal contribution. The CLB’s lifetime limit is $2,000 per child. This grant is retroactive and kids can still be eligible up to the day before they turn 21.
    • British Columbia Training and Education Savings Grant (BCTESG): For B.C. residents only, this grant adds $1,200 to an RESP. You must apply between a child’s sixth and ninth birthdays.
    • Quebec Education Savings Incentive (QESI): For Quebec residents only, this grant matches 10% of your annual RESP contribution, up to $250. The QESI’s lifetime maximum is $3,600.

    Use an RESP calculator

    The RESP is a powerful savings tool because of the CESG and other government grants. To see how they can boost the growth of your savings, try out different scenarios using an RESP calculator. You can change the variables—including the child’s age, initial deposit, monthly contributions and projected rate of return—and see how your savings might stack up against the cost of post-secondary school.

    How to open an RESP account

    To start saving for your child’s college or university expenses and take advantage of government grants, you can open a plan with an “RESP promoter”—the government’s term for a financial institution that offers RESPs. You can open an individual plan or a family RESP, for multiple kids.

    Embark, a Canadian fintech focused on education savings and planning, helps families maximize their savings and government RESP grants. It also manages RESP investments, using a “glide path” approach tailored to your child’s age. So, the closer they get to starting college or university, the more conservative the approach for managing the investments.

    More about RESPs:

    This article is sponsored.

    This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers and approved by the client.




    About Jaclyn Law

    Jaclyn Law is MoneySense’s managing editor. She has worked in Canadian media for over 20 years, including editor roles at Chatelaine and Abilities. Jaclyn completed the Canadian Securities Course in 2022.



    Jaclyn Law

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  • ETFs and RESPs: It’s always a good time to invest in education – MoneySense

    ETFs and RESPs: It’s always a good time to invest in education – MoneySense

    With that in mind, here’s a key date to circle on your calendar: Dec. 31. That’s the deadline for making RESP contributions to maximize government RESP grants each year. The Canada Education Savings Grant (CESG) matches 20% of what you put in, up to a limit of $500 annually. To receive the full $500, your contributions must total at least $2,500 by the end of December. The lifetime CESG maximum per beneficiary (child) is $7,200, and you can only catch up one year at a time—so, you can see why that annual deadline merits attention. That’s especially true if you only have a few years to save before your child heads off to school.

    Now is a great time to plan your contributions for this year. Here are some things to consider.

    Despite its name, an RESP is much more than just a cash savings account. In fact, just holding cash in an RESP may not always be the best strategy, as inflation can erode its value over time. It’s worth looking into different ways to grow that money.

    There’s no one-size-fits-all answer for the best RESP investment options. The right mix for your family will depend on several factors, including your financial circumstances, how much time you have, and how comfortable you are with risk. To help you make the most of your RESP, the Canada Revenue Agency (CRA) provides a list of “qualified investments” for this account, including the following:

    • Bonds: These can be either government-issued or corporate-issued. Bonds are generally seen as a safer investment compared to stocks, offering fixed interest payments over time.
    • Guaranteed investment certificates: GICs are issued by financial institutions, and you can choose terms such as one, two, three or five years. At the end of the term, you’ll receive a guaranteed amount of interest. Generally, you must wait until then to access your money.
    • Stocks: Investing in individual stocks can offer high returns, but they generally come with higher volatility than bonds and GICs. It’s essential to thoroughly research the companies you’re thinking about investing in—and remember, picking stocks can be risky!
    • Mutual funds: These funds can hold a mix of stocks, bonds and other assets. They offer diversification and are managed by financial professionals. Investors pay a percentage of the value of their investment towards annual management fees.
    • Exchange-traded funds: ETFs are similar to mutual funds in that they can hold a mix of assets like stocks and bonds. However, ETF shares trade on stock exchanges, just like individual stocks. Most ETFs are passively managed, but more active ETFs are coming onto the market.

    ETFs are a fast-growing asset class in Canada. They offer investors numerous benefits, including:

    • Built-in diversification: ETFs may bundle various assets, providing wide exposure across different sectors, asset classes and geographies, which helps in reducing investment risk.
    • Professional management: With ETFs, a fund manager oversees the selection and rebalancing of holdings, often trying to replicate specific stock market indices (such as the S&P 500), thus reducing the complexity of managing individual stocks and bonds.
    • Ease of transactions: ETFs are traded on stock exchanges and are accessible through financial advisors and online brokers.
    • Flexible asset allocation: ETFs offer a spectrum of asset allocation options, so they may be suitable for investors with different risk tolerances and investment timelines.

    Choosing the best ETF for your RESP largely depends on two variables: your time horizon (how long until your child needs the funds) and your risk tolerance (how much market fluctuation and potential losses you can comfortably handle).

    To simplify this decision-making process, one option to consider is an all-in-one ETF, such as those offered by Fidelity. These ETFs offer different asset allocations and risk classifications. Fidelity’s All-in-One ETFs have the following target asset allocations and risk classifications (as at Oct. 31, 2023):

    Fidelity All-in-One ETFs Conservative Balanced Growth Equity
    Risk classification Low to medium Low to medium Medium   Medium
    Ticker FCNS FBAL FGRO FEQT
    Equity 40% 59% 82% 97%
    Fixed income 59% 39% 15% 0%
    Crypto 1% 2% 3% 3%
    Source: Fidelity Investments Canada ULC

    Fidelity’s suite of All-in-One ETFs offers strategic diversification, with most of them giving you exposure to global bonds and stocks from all market sectors. Interestingly, they even include a small exposure to cryptocurrency (1% to 3% depending on the fund), adding a modern twist to traditional investment portfolios. (Read more about crypto in Fidelity ETFs.)

    Tony Dong

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  • Is studying in Quebec still worth it for out-of-province university students? – MoneySense

    Is studying in Quebec still worth it for out-of-province university students? – MoneySense

    But starting next fall, prospective students from outside the province may face a steep increase in tuition fees at schools like McGill University, Concordia University and Bishop’s University, thanks to new rule imposed by the Quebec provincial government, designed to promote and protect the French language. If implemented, the change could prompt many out-of-province students to reconsider their education plans. Here’s what’s being proposed and what it means for students.

    Current tuition fees for out-of-province and international students studying in Quebec

    Out-of-province students who study in Quebec already pay a lot more in tuition fees than Quebec residents. The table below shows the tuition fees for undergraduate students enrolled in a business program for the 2023-24 academic year. (Note that fees may vary by program of study, and the numbers listed exclude administrative, compulsory and other fees.) 

    University Language of instruction Quebec students Out-of-province students International students
    McGill University English $2,881 $8,992 $65,604
    Concordia University English $2,881 $8,992 $33,300
    Bishop’s University English $2,881 $8,992 $27,006
    UQAM French $3,640 $9,750 $24,600
    Université Laval French $2,881 $8,992 $23,668
    Université de Sherbrooke French $2,881 $8,992 $28,830

    As you can see, many out-of-province students currently pay more than three times more than Quebec residents. International students pay the highest fees of all. In general, French-language universities seem to charge international students less than English-language universities. 

    Proposed Quebec tuition fee changes

    In October 2023, the Quebec government outlined plans to raise tuition fees for out-of-province undergraduate students from $8,992 to $17,000 per year. The province is now reportedly reconsidering its initial plan, and it may instead only raise tuition for out-of-province students to $12,000 per year. Either way, students who are currently in the system would be exempt from the tuition hikes (except those who change programs), as would PhD students. 

    While the new rules would apply to all universities, the province’s three English-language universities—Bishop’s University, Concordia University and McGill University—have been in the news because they would be most directly impacted. Most of Quebec’s out-of-province students study in English. 

    International students may also be affected, though less than out-of-province students. Keeping with the province’s original plan, international students would pay a minimum of $20,000 per year in tuition. Universities would continue to have the right to impose additional discretionary fees. 

    There’s no doubt that these changes would impact incoming out-of-province and international students. On top of needing to come up with more money for tuition, the changes could influence the quality of education, particularly at Quebec’s English-language universities. McGill University, for example, says it could lose 60% of its out-of-province students. It projects that this would contribute to a drop of around $42 million in annual revenue, which would have a domino effect on staffing and resources available for students. 

    So, is studying in Quebec still worthwhile? 

    Canadian students outside of Quebec who want to study in the province could see tuition costs jump by $3,000 to $8,000 more per year starting in 2024. That would be a financial shock for anyone, let alone students, who often don’t have a consistent or reliable source of income. So, how can you decide if studying in Quebec is still worth it? Start by answering the following questions. 

    Sandy Yong

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  • Top 5 questions about family RESPs – MoneySense

    Top 5 questions about family RESPs – MoneySense

    What is a family RESP? 

    Canadians can choose from two types of RESPs: individual and family. Both are registered accounts, meaning that they’re registered with the federal government, and they allow your savings and investments to grow on a tax-sheltered basis. 

    Here are the key features you should know about for both types of RESPs:

    • The lifetime RESP contribution limit per beneficiary (child) is $50,000. 
    • A beneficiary can have more than one RESP (for example, if a parent opens one and a grandparent opens one), however, the maximum contribution is still $50,000. 
    • The Canada Education Savings Grant (CESG) matches 20% of the first $2,500 in RESP contributions per year. That’s $500 in free money per year! 
    • If your family’s adjusted income is below a certain amount (for 2023, it was $106,717), you can also receive the “Additional CESG,” which adds up to $100 more, after you contribute your first $500 per year. 
    • The CESG’s lifetime maximum, including Additional CESG, is $7,200 per child. 
    • Low-income families also receive the Canada Learning Bond (CLB), with no personal contribution required, to a lifetime maximum of $2,000 per child.
    • Families in British Columbia and Quebec have access to additional grants: $1,200 in British Columbia and up to $3,600 in Quebec. (Read more about these provincial RESP grants.)
    • You won’t get a tax deduction for contributing to an RESP like you would with a registered retirement savings plan (RRSP), but your contributions won’t be taxed when withdrawn.
    • Government grants and growth inside an RESP are taxed when withdrawn, but they’ll be taxed at the child’s marginal tax rate—which will likely be very low. 
    • You can turn an individual RESP into a family RESP anytime, as well as add and remove beneficiaries from the plan. 

    Now that we’ve covered RESP basics, let’s tackle five of the most common questions about family RESPs we get at Embark. 

    1. How are funds in a family RESP divided among beneficiaries? 

    Here’s where the flexibility of a family RESP comes into play. Outside of the CLB, government grants and the growth on the investments can be shared among the plan’s beneficiaries—and the amounts don’t have to be equal. So, if one child’s education costs more than another’s, you can divide the funds accordingly. You can also start using RESP funds for one child’s post-secondary education while another is still in grade school and collecting grant money. It’s nice to have that flexibility.

    2. What if one or more beneficiaries do not use their RESP funds?

    In a family RESP, one child’s unused funds can be allocated to another child’s education. If none of the beneficiaries attend school, you could keep the plan open in case they change their mind. 

    You could also transfer any unused income in the RESP to your or your partner’s RRSP as an Accumulated Income Payment (AIP). The transfer limit is $50,000, and you would have to return any government grants. Three other requirements to be aware of: You must have enough RRSP contribution room to make the transfer; the RESP must have been open for a minimum of 10 years; and the beneficiaries must be age 21 or older and not pursuing further education.

    If you don’t intend to add any more beneficiaries to the plan, and you don’t need the RESP any longer, you could close it. If eligible, your original contributions will be withdrawn tax-free, but you will pay taxes on any investment gains—unless they’re transferred to your RRSP as an AIP.

    3. Can you add another generation of beneficiaries to an existing family RESP?

    The short answer is no. Within a family RESP, all beneficiaries must be related by blood or adoption, meaning only siblings can be added to a family RESP. This would prohibit a grandparent from adding their grandchildren to a family RESP that was previously opened for their children. Additionally, since an RESP can only be open for 35 years, adding a younger sibling to a plan initially opened for someone close to or at withdrawal age would significantly cut down the time the younger beneficiary has to accumulate savings before the RESP would be closed.

    Andrew Lo

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  • Health insurance in Canada: A primer for students and recent grads – MoneySense

    Health insurance in Canada: A primer for students and recent grads – MoneySense

    If you’re in school, you most likely have supplemental health and dental insurance. Some educational institutions make this mandatory by including the cost in your tuition fees. However, if you’re a new grad, you may be getting accustomed to managing health insurance on your own (as opposed to through your parents or school). Here’s a quick lesson on what health insurance is, how it works, where you can buy it and the benefits you can receive. 

    What is health insurance?

    A health insurance plan helps to cover the costs of your medical and dental bills. Depending on the provider and type of plan you choose, health insurance can cover a number of health-related expenses. Coverage typically includes prescription drugs, vision care, dental care, medical equipment and visits to medical practitioners (such as physiotherapists, dietitians and registered massage therapists). 

    How does health insurance work for students?

    Depending on your school, you may be automatically enrolled in the health insurance plan that’s offered to students. Once you’re enrolled, you can download a copy of the plan details. You’ll also receive a benefits card that will have your plan identification on it. You will need to present this card to your healthcare provider at every visit when paying for your services (in my experience, most providers will keep this information in your file).

    Health insurance for students in university: How it works

    How can students access their benefits?

    Some health and dental service providers set up direct billing. This means they bill the insurance company directly, and you will only be required to pay the balance not covered by your plan. If they don’t have direct billing, then you’ll need to pay the full amount out of pocket, and then submit an online claim with your receipt to receive reimbursement. It can take several business days to assess your claim and for the amount to be deposited into your bank account. 

    Health insurance for international students in Canada

    If you’re an international or foreign-exchange student, you’ll need to research the health insurance for the particular province or territory in which you are studying. Some provinces provide health coverage to international students that is either free or for an added cost, and you’ll be required to apply through the province. 

    For example, international students studying at a university in Ontario must obtain mandatory health care coverage through the University Health Insurance Plan (UHIP), a not-for-profit insurance plan created by Ontario’s universities that is comparable to the Ontario Health Insurance Plan (OHIP). 

    In other cases where provincial health insurance is not offered, students need to purchase personal health insurance, typically through their school in Canada. Be sure to check if these health plans are mandatory or optional. 

    What happens to students when they leave school and no longer have coverage? 

    If you’re no longer in school and find yourself without any health insurance coverage, you’re not alone. Acquiring your own health insurance plan could be the solution—if you’re concerned about paying for hefty medical bills that may arise due to an injury or illness while finding employment. This can help bridge the gap while you’re looking to get a job offer from an employer that provides health insurance.

    Sandy Yong

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