This week is Education Savings Week in Canada.
There has never been a more important time to start saving early for a child’s post-secondary education using Registered Education Savings Plans, also known as RESPs.
It’s never too early, nor too late, to start planning for a child’s education after high school, and to give them the tools that they need to succeed. During the COVID-19 era, the prospect of putting money aside is a big ask, however, research shows that when money is set aside for post-secondary education, children are more likely to pursue higher education and graduate with less debt.
RESPs can help to make post-secondary education more accessible by helping to pay for education-related expenses, that include housing, tuition, tools, or books. It is important to know that anyone can open an RESP and name a child as a beneficiary, This includes a child’s parents or their common-law spouse, a guardian, a grandparent, relative, or a family friend.
