I am always on the hunt for creative gifts – or ways to creatively (and easily) give gifts, especially ones that make a lasting impact.
Whether it’s for under the tree or wrapped up for a special milestone, my kids’ ‘future education’ is forever on my wish list. And while my three- and six-year-old may disagree, one of my favourite gifts is helping them build their university funds.
Well, now is there is new way to make this happen – crowdfunding.
Contributing through online fundraising campaigns has become more and more common and not to mention very convenient. And so many parents (and grandparents) are focusing their generosity on giving gifts that go the long-term like financial education savings plans.
Just in time for the holidays, the Canadian company Heritage Education Funds, a leading Canadian provider of Registered Education Savings Plans (RESPs) put these two ideas together and launched the Heritage eGifting program that allows family members and friends to contribute to your child’s post-secondary education.
The first-of-its-kind in Canada, the program is powered by FundRazr, the leading Canadiancrowdfunding platform that has helped raise over $74 million from over 45,000 campaigns around the world.
Basically, you set up a free online campaign (as a Heritage Subscriber) and FundRazr helps you tell your story then distributes a link to family and friends who can contribute a financial gift directly to your child’s education savings plan. The funds (a few dollars or a few hundred) are pooled in an account that parents (or whoever is the administrator) then deposit into a Heritage RESP.
It’s never too late to start contributing. For some motivation, just do the math. According to StatsCan, last year Canadian undergraduate students paid an average of $5,959 in tuition fees, and Heritage Funds estimates that a four-year undergraduate degree from a Canadian university in 2033 could cost over $122,000. Wow.
So a big thank you to all those forward-thinking family members and friends who generously give the gift of education.
This conversation was sponsored by Heritage, however the opinions expressed are my own.