It is increasingly important in today’s society to invest in some type of educational savings plan for your children. Student debt for young Canadians is on the rise, but with the right advice it is extremely easy to put away a little bit to lessen the burden your children may face in the future.
REGISTERED EDUCATIONAL SAVINGS PLAN
A Registered Educational Savings Plan (RESP) should be a key component in your plan to save for your child’s future, simply because this is a plan administered by the Government that allows savings for education to grow tax-free in a special account. An RESP also grants access to the Canada Education Savings Grant or CESG.