For most Canadian high schoolers, graduation is only the first completed path in the road to a well-rounded education. For many students, the most difficult task lies ahead in choosing the right university for their post-secondary studies tuition fees, which vary from school to school, and even program to program.
As parents, we want the best for our children and that’s why it’s important to start saving for their education as soon as possible.
Let’s explore the reasons why saving as early as possible matters.
Increasing Education Costs:
Education costs are rising, making it more difficult for parents to fulfill their child’s dreams of achieving higher education. In Canada, parents can begin contributing to a Registered Education Savings Plan or RESP as soon as their child is born. Registered Education Savings Plans are planned specifically designed to help Canadian families save for higher education costs and offered through providers like Children’s Education Funds Inc. (CEFI). Anyone can open an RESP for a child: parents, grandparents, guardians, relatives and even friends. CEFI provides different types of RESPs so that you can choose which plan best suits your financial needs.
Saving early for your child’s education is important, and parents should know that even a small amount of money can go a long way.
Rising Career Options:
In today’s economic climate, there is a range of career paths to choose from. In fact, many jobs of the future have yet to be created. With endless possibilities at your child’s fingertips, it is more important than ever to receive a quality post-secondary education.
The bottom line is – there are many reasons why parents should start saving for their child’s higher education as early as possible. One of the most important things to do is to take advantage of an RESP as early as possible to benefit from the available government grants and tax benefits.