CDA ACCOUNT
may i know the capped for cda account saving maximum up to?? At what aged will stop? What will happen to the money after that?
This very much depends on your child's birth order! There is no cap/maximum amount that you can put into the account, but the government will only do a 1-to-1 matching for the first $3K that you deposit. Meaning, you'd be able to get $3K from the government when your child is born - and up to another $3K based on how much you deposit. If you deposit $3K of your own money into the account, you'd have a total of $9K inside (initial $3K + your $3K + government's 1-to-1 $3K). If possible, that's the best possible scenario! It doesn't "stop" - when your child turns 12 years old it'll become what's known as edusave, and then a post-secondary savings if your child still has balance by the time he/she finishes secondary school. Of course, don't deposit everything you have because it's not withdrawable as cash - so make sure you have enough to sustain family living before you make any deposit! Here's a more comprehensive article about CDA accounts: https://www.dearlittleones.com/single-post/2018/05/17/Managing-Your-Childs-CDA
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