Opening an RESP For Your Child

Finance

RaeWritten by:

As a parent, we want to ensure that we are doing everything that we possibly can to ensure that are children are healthy, happy and successful throughout their entire life. So, we start researching on the best foods to give them from an early age, how to raise them properly, getting them whatever they want to the best of your abilities and so on. Similarly, another thing that you do have to start preparing for is your child’s future. A child cannot be expected to know what is right or wrong for them, or what they need to do in order to be successful.

It is your job as the parent to guide them, and make it possible for them to have access to things that will ensure a more successful future for them. So, when your child enters school, you try to make sure that they are keeping up with their studies and have good grades. Now, what a lot of parents forget about or overlook is their children wanting to continue college after high school. A post-secondary education will be really beneficial for your child, especially when they go out and find jobs.

College happens to be really expensive, so you have to start saving up beforehand. Now, rather than opting for a standards savings account, you should instead, opt for a Registered Education Savings Plan instead. An RESP is a government initiative that has collaborated with multiple companies like Knowledge First Financial throughout the country in order to ensure that children throughout the country, belonging to all types of income backgrounds have a chance at pursuing a college education. An RESP will allow you to save money a lot of quicker, and you will be more likely to afford your child’s education through it.

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