Saving for post-secondary education is a relatively straightforward goal that anyone of any age can get involved in. But you will save more effectively if you first figure out:
- roughly how much you need to save
- how much you can afford to invest, given your other goals and financial obligations
- what is the best way for you to invest
RESPs or Registered Education Savings Plans are a great way to invest because the federal government will deposit a percentage of certain amounts you contribute in the form of a Canadian Education Savings Grant (CESG). Certain provinces also have grant programs for beneficiaries who reside in that province. Investment earnings won’t be taxed till the money is withdrawn.