Common menu bar
Breadcrumb
The benefits of saving early for a child’s post-secondary education
Starting to save for a child’s education early can have a big impact on the funds available when your child is ready to go to college or university. It will also help minimize student debt.
For example, a family who opens a Registered Education Savings Plan (RESP) and begins to save $100 a month —earning an average annual return of 3% — when their child is born, will have saved over $30,000 by the time the child is 18. If that same family does not start saving until their child is 10 years old and makes the same $100 monthly contribution, they will have saved only about $12,000.
Example: impact of starting to save early for your child’s education
If your child will be starting post-secondary school shortly, FCAC has helpful information on how to take advantage of grants, bursaries and scholarships, budget for student life and much more.
Other Helpful Links
- Registered Education Savings Plans: save for a child's post-secondary education
- Government grants: save for a child’s post-secondary education
- Continuing education: going back to school as an adult
- Tax deductions and tax credits for students
Related Resources
- Budget Calculator
Plan your budget to help achieve your financial goals - Financial Basics:
About FCAC
For Consumers
- Banking
- Budgeting and Money Management
- Credit Cards
- Payment Options and Money Transfers
- Mortgages
- Credit and Loans
- Savings and Investments
- Insurance
- Fraud
- Your Rights and Responsibilities
For the Industry
Educational Programs
For Partners
For the Media
Resources
- Tools and Calculators
- Publications
- How to Lodge a Complaint
- Frequently Asked Questions
- Multimedia
- more resources...
Transparency
Footer
