Lesson plan: Saving for the future
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Overview
Help students learn about various registered savings plans that are available and how these plans can help them save for the future. Students will be able to test their knowledge through quizzes and practical examples.
The core question is:
- What registered savings plans are available to help you save for the future?
Learning objective: Students will develop an understanding of what a registered savings plan is, the various plans available, and the criteria required to open a plan. Students will learn how registered savings plans can help them save for their future goals.
Skills to develop
- Explain what a registered savings plan is
- Identify different types of registered savings plans
- Describe the basics of how each plan works
Background information
There are many different registered savings plans available to help individuals reach their financial goals during their lifetime. The plans most relevant to students are:
- Registered education savings plan (RESP)
- Tax-free savings account (TFSA)
- Registered retirement savings plan (RRSP)
- Registered retirement income fund (RRIF)
- First home savings account (FHSA)
- Registered disability savings plan (RDSP)
Some of these plans can be opened for youth by their parents or guardians, while others can be opened by youth once they meet the eligibility criteria.
Learning and activities
Learning materials step 1
Warm-up exercises step 2
Exercise
Step 1: Ask students what kinds of things they would like to do in the future. Give them a few minutes to share their answers.
Step 2: Ask students how they can save money to achieve their goals. Give them a few minutes to share their answers.
Step 3: Explain to students that in Canada there are registered plans to help individuals save money for their future.
Step 4: Ask students what kinds of things registered plans can help them save for.
Suggested answers are:
- post-secondary education
- buying a car or planning a vacation
- buying a home
- retirement
- saving for the future of loved ones living with a disability
- saving for emergencies
Walk through the lessons step 3
Read through the lesson pages with the additional guidance provided below. Students can review material individually, in groups, or as a class.
Lesson A: Understanding registered plans
Before starting the lesson
In this lesson students will learn about the different registered savings plans available in Canada, their purpose, and how to open them.
Have students write down some or all of the registered savings plans that will be covered in this module. As students go through the lesson, ask them to write down the purpose of each plan. The types of plans are:
- Registered education savings plan (RESP)
- Tax-free savings account (TFSA)
- Registered retirement savings plan (RRSP)
- Registered retirement income fund (RRIF)
- First home savings account (FHSA)
- Registered disability savings plan (RDSP)
After finishing the lesson
Remind the students that even though they may not be eligible to open a registered plan now, they will be in the future. Ask the students which plans they’d like to open.
Bring it all together step 4
Discuss with the students the importance of knowing what registered savings plans are available. Reiterate how the plans can help them save money for future goals or retirement.
End of lesson activities step 5
Create a registered plan
You are in charge of creating a new registered plan to help Canadians. Write a few paragraphs about your registered plan and its purpose.
Remember to include:
- the name of the registered plan
- how the registered plan is paid
- who is eligible for the registered plan
- how people apply for the registered plan
- what the registered plan can be used for
Create social media content
In a group create social media content (a TikTok series, reels, a YouTube video, etc.) that discusses and explains the 6 different registered plans in the Saving for the future module.
The setting, roles, and media style are up to you (ex. images with voice overs, shots of group members speaking with a filter, etc.).
Remember to include the following for each registered plan:
- the name of the registered plan
- how the registered plan is paid
- who is eligible for the registered plan
- how people apply for the registered plan
- what the registered plan can be used for
Emoji and image cheat sheet
Create a cheat sheet that shows how the 6 different registered plans in the Saving for the future module work. Use emojis or other on a medium of your choice (paper, digital pdf, etc.).
Remember to include:
- the name of the registered plan
- how the registered plan is paid
- who is eligible for the registered plan
- how people apply for the registered plan
- what the registered plan can be used for
Makes sure to create notes for yourself so you can answer any questions your classmates have about registered plans.