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First you were putting on their diapers. Then you walked them to their kindergarten classroom. You helped them with their math homework. You listened to their loud music through the walls.
Are you ready for what comes next?
Post-secondary education tuition can cost over $6,000 per year.1 If you have multiple children, you are looking at a lot of money if you are planning on helping them out. How can you make this process easier?
A Registered Education Savings Plan (RESP)
Contributions to these accounts receive a 20% match from the Canadian Education Savings Grant up to $2,500 per year, which is $500 of free money. If your income is low, you can receive a 30-40% match on the first $500. Setting up a trust account is another option to help pay for college.
Before you know it, your child will be out of Post-secondary education, and you’ll be putting on diapers again – on your grandchildren.
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