Business Communications: Persuasive Letter (E.G.)

February 7, 2009

Dear WECU Member,

FINANCING FOR A CHILD’S EDUCATION

Do you know how much a prospective bachelor’s education would cost for a child born in 2003? Based on estimates of Human Resources Development Canada, he/she may end up incurring $58,200 or $87,600 (including tuition, textbooks, living expenses) depending on whether they reside at home or away from home.

What is the RESP?

The Registered Education Savings Plan (RESP) is a plan in which one makes contributions (maximum is $4000 per year or lifetime total of $42,000 per child) toward a specific child’s future schooling. The government also provides an additional 20% (a maximum of $400 per year or a lifetimetotal of $7,200 in per child) on top of your contributions. The interest earned on this investment is tax exempted until the money is withdrawn for the child.

Flexibility and Versatility

Being a parent is not a requirement to open an RESP. If you are associated with a child in your life and wish to support them financially, this plan is would be a suitable for that purpose.

Alternatively, suppose the child does not pursue post-secondary education. Once the money has been put into the plan, it can be transferred to another child or used for other purposes. It can be easily cashed out at any time for any reason (a helpful feature that would come in handy during financial emergencies). Simply pay back the government portion and pay taxes on the interest earned.

More information can be found in the attached brochure called “RESP’s Made Simple.”

RESP’s through WECU

Please start up an RESP for child that you care for. Consider it as a gift that will be appreciated in years to come. This offer is good until the day you pay for your child’s studies. Sign up early in order to contribute as much as you can and gain government support unlike any other education-oriented plan.

Sincerely,

Samantha Chang

Samantha Chang, Director

Enclosure