The best time to start saving for your children's education is before they take their first steps. Barring that, start as early as you can to ensure that your savings meet or exceed tuition costs for when they're ready to start university. A Registered Education Savings Plans (RESPs) is one of the easiest and best ways to fund a post-secondary education. RESPs accumulate savings tax-free and the government will match a percentage of every eligible contribution.
Besides Individual and Family Plan RESPs, there are a number of education savings grants and bonds your children may be eligible for. The Canada Education Savings Grant (CESG), for instance, is equal to 20% on the first $2,500 in annual contributions made to each beneficiary in an RESP plan.
If you need to borrow money for your child's post-secondary education, consider ScotiaLine® personal line of credit for students or the Scotia Total Equity® Plan(STEP). A ScotiaLine® personal line of credit will let you and your child only borrow what you need, when you need it, and pay interest-only until your child graduates. STEP turns your mortgage into a financial tool that can lower your overall cost of borrowing.
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RESP 101: Lessons in Saving for Your Children's Education 3:52 min
Estimate how much you will need to fund your child's post secondary education.Use this tool