STEP 4: Put your plan into action
For most of us, opening a Registered Education Savings Plan
(RESP) is the first — and most important — step we can take to prepare for our child's education. You can open an RESP through your bank, trust company, or other financial institution. There are four steps you need to take:
1. Learn as much as you can about RESPs
2. Compare plans at different companies (visit the Learn more! section)
3. Fill out all the necessary papers
4. Start saving!
Just remember: when you save money in an RESP, the government helps you save more by providing grant money to help you save for future education. So even a few dollars saved every month can make a big difference. Even if it only helps pay part of your child's education costs, it's still a great start for their future.
Canadian Foundation for Economic Education
110 Eglinton Avenue West, Suite 201,
Toronto, Ontario, Canada M4R 1A3
Phone: (416) 968-2236 Toll free: (888) 570-7610