As a parent, we want nothing but the best for our child. So, we work hard day and night in order to be able to give our children whatever they want to the best of our abilities, ranging from clothes, technology, and other such essentials and luxuries. One more thing that we really need to ensure is that our child gets the best education they can get, because while they might be too young and naïve too realize it, we still know the importance good education holds in the practical world.
One way to make sure your child is well-prepared for practical life is to send them for post-secondary education after high school, because a college degree ensures a better life start for your child. Now, college is not really something a lot of families can afford, so that is why you need to start saving up beforehand. You could make a college fund, or you can plan smarter and opt for an RESP for your child instead.
A registered education savings plan is a government launched scheme in collaboration with different companies like Knowledge First Financial all over the company, helping to provide your child with a proper education plan. RESPs, unlike other funds, happen to be tax-free, so this allows you to save more money a lot more quickly. Another major plus point about RESPs is that even the federal government will add money to your child’s RESP through the available multiple grants that are being used. So, this way, through an RESP, you are able to gather more money a lot more quickly, allowing you to be able to fund your child’s college education. So, if you are looking for the best possible plan of action for your child’s college education, then RESPs are the way to go.