‘Earn while you learn:’ Co-op programs gain appeal amid rising cost of living

Many parents, myself included, spent the Labour Day long weekend moving their children to – or back to – university and college campuses. The fortunate ones were able to tap into RESPs (Registered Education Savings Plans) that were set up with the foresight for this very occasion.
As this article describes, co-op and other paid-internship programs are becoming increasingly valuable ways in which young people can distinguish themselves when they start their careers. If I might stress one aspect of this article’s thesis; paid internships usually exceed the basic personal exemption; meaning that parents who are trying to extract funds from the RESP almost entirely tax-free; may need to stress refunds of contributions in the tax years where the young person was on a paid work term.
Canada is a leader in co-operative education, a learning model that alternates between academic and paid work terms.

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