Saving for your child’s education is easy, you can start by opening a Registered Education Savings Plan (RESP) as early as possible and contribute regularly each month. RESPs are tax-sheltered education savings accounts that can help you save for your child’s education after high school.
RBC makes it easy to start saving and meeting an RBC Advisor is a great first step. RESPs are registered by the Government of Canada and through the Canada Educations Savings Grant (CESG) you can get up to $500 a year in government grants for a total of up to $7,200 (the government will match 20% of the first $2,500 contributed each year for eligible children).
We have an RESP account that we opened for both of our children right after they were born. We have been making monthly contributions that go straight from our account to their RESP accounts along with the government’s 20% match using the RBC RESP-Matic® plan. We love not having to really think about it and checking their account statements every few months is always a great surprise as we see how quickly the money adds up in their accounts.
It is easy to feel overwhelmed when it comes to saving money but you can save a realistic amount each month. Can you believe that $25 a week can grow to over $50,000 in 18 years? Besides, there is no reason not to take advantage of the money match from the government and set up The Canada Education Savings Grant. You can also save into an RESP account with gifts from relatives and friends!
Opening an RBC RESP account can help give you peace of mind to know that you are preparing for your child’s future so your kids can graduate debt-free!
Right now you can also enter a giveaway to WIN 4 prizes of $500 towards your RESP (Registered Education Savings Plan) and help your child achieve their dreams. Enter via Facebook HERE. Good Luck everyone!
Have you started saving for your child’s education already?
Disclosure: I am part of the RBC RESP blogger program with Mom Central Canada and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own. #RESPwithRBC