Saving for my child's education

Get all the information you need to save for your children's post-secondary education.

They'll thank you for it.

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What you need to know:

How many children do you have? And how soon will they be heading off to College or University? Will they live at home while attending post-secondary schooling or live in residence? These are the things you must consider when establishing an education savings goal. A Registered Education Saving Plan (RESP) is a great way to save for your children's post-secondary education. For some, saving for tuition might be a long-term goal, meaning you can afford to take on more risk for higher potential return (i.e, adding mutual funds to your RESP). For others, it could be a short-term goal, meaning saving more while taking on less risk is key.


Time is your biggest ally. When planning to save for their future, the younger your children are, the more time you'll have to save for their education.


Avoiding risk can be dangerous for long-term investors. Conservative investments do offer temporary relief of market volatility, but this approach could stunt performance or delay plans/goals. With longer timelines, the market will help balance things out so you may want to take on more risk. With shorter timelines, lower risk investments will help ensure the money you've saved stays protected.


Lower risk investment options will help guarantee steady savings as you work toward your goal. Higher returns can bring higher risk, which brings higher volatility. The amount of potential return needs to be balanced with the amount of risk that you are willing to take.

RESP government support

To encourage saving for higher education, the government offers tax incentive and grant programs. If you contribute to an RESP, your child could get up to $7,200 from the government. Ask a Scotia advisor how this works.

Individual vs. family plans

If you have more than one child, consider a family plan RESP. It's perfect for larger families. If one of your children decides not to go to College or University, the money you saved can go to another beneficiary.

Start Early

Starting early is one way you can maximize the amount of government grant money available to you. Even if your child is a little older it doesn't mean that it's too late to get started. A small amount every month can quickly add up over time. Remember that the government may match a percentage of every eligible contribution (eligibility requirements apply).

Financing Options

If you need to borrow money for your child's education, consider a ScotiaLine® Personal Line of Credit for students that allow you and your child to borrow what you need whenever you need it or the Scotia Total Equity® Plan (STEP) that turns your mortgage into a financial tool that can lower your overall cost of borrowing.

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Get the information you need to save for your children's education.


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Money finder

You can better plan your financial future by understanding where you are today. The Money Finder Calculator will help you find additional funds that can be put toward your goal of saving for your child's education by comparing your income to your expenses.

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Teaching your children about savings and credit

You can help your children understand the concept of saving by opening an account of their very own in their name. This will assist in teaching them the value of money and how regularly depositing to an account can grow their savings. Also, establishing good credit doesn't happen overnight. There are many credit cards for students that start with small credit limits. The sooner your children can start building their own credit, the better.

Pre-Authorized Contributions

Pre-Authorized Contributions (PACs) can help build your savings easily and conveniently through automatic contributions. Set it up once and start saving. It's makes savings simple and hassle-free.

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Bank The Rest

With Bank the Rest™, you save money with every debit purchase you make. Each purchase gets rounded up, to the next $1.00 or $5.00, and the difference goes right into your savings or investing account. This way you can build your savings as you make purchases.

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