When you first decide to have children, you realize that you are taking on a responsibility that you will have to uphold for the rest of your life. From the minute till your child is born into the world till the minute you draw your last breath, you still hold a responsibility towards that child as their parent. So, even when your child does move out and become “independent,” they will still want you for support and guidance from time to time throughout your life, regardless of how old they might become themselves.
Now, as a parent, you have to also make decisions about your child’s future and make sure that they are on a good and stable path, because they are too naïve to decide when they are still young. So, you are the one who has to make investments for your child’s future, and one such investment you need to make is to opt for an RESP for your child. RESPs or Registered Education Savings Plan, is a tax-free investment opportunity for parents that allows them to save up for their child’s education. Money is also automatically added to your RESP from the federal government through many available grants as well, so you are able to save money a lot more quickly.
RESPs are now becoming a lot more accessible, and you will find that a lot of companies like Knowledge First Financial collaborate with other companies and the government in order to be able to provide RESPs to every family, even those belonging to lower economic backgrounds. So, an RESP is a great investment for your child’s future since it allows them to be able to pursue a secondary education after high school, and handing them a college degree by the end of it.