Are you expecting the arrival of your first child? Have you started discussing your family budget and the importance of saving for your children’s education? Know that the Registered Education Savings Plan (RESP) is a plan registered with the government and the funds invested in it accumulate tax-free. The government also offers special savings incentives. You can open an RESP as soon as your child is born, as long as you and the child have a social insurance number.
Additional information about the various savings and investment options is available online through the Financial Consumer Agency of Canada (FCAC) website at fcac.gc.ca. You can also follow @FCACan on Twitter and on YouTube.
Source: Financial Consumer Agency of Canada (FCAC)