5 Cool Things Things You Didn't Know About RESP's

Carla Young discovered that when her daughter is ready for post-secondary studies, it will likely cost her $20,000 a year to attend a Canadian university. After doing her research, these are the five things Carla learned—and that you should know—about RESPs.

Carla Young

MomEO Magazine

What kids say and what parents hear are often worlds apart, especially when it comes to their future careers. They say they want to “rescue animals,” we hear “veterinarian.” They say the want to “bake cakes all day,” we hear “celebrity chef.” They say they want to “invent things,” we hear “research scientist.”

The reality is that the traditional doctor, lawyer, teacher jobs that parents think of for their children are rarely the direction they choose to go. Thankfully, you don’t have to know where they want to go to support their future plans. All you need is to do a little planning and a whole lot of saving.

When I compared what it cost me to go to university to what it costs now, I was shocked to learn how quickly the fees skyrocketed in a (relatively) short period of time. Future forecasts say that when my daughter is ready for her post-secondary studies, it will likely cost her $20,000 a year to attend a Canadian university.

That fact prompted us to start saving for whatever her future holds early! Here is what you need to know about RESPs and saving for your child's education.

Click the read the rest of Carla's post...