One of the best tools to use for saving for a child’s education is the RESP, Registered Education Savings Plan.
You can set up an Individual RESP or a Family RESP if there are siblings in the plan.
There are grants available on deposits into the RESP such as Basic Canada Education Savings Grant (Basic CESG), Additional CESG, or the Canada Learning Bond CLB.
You can also set up an Informal Trust Account for a child. There are no Grants for this option but there are some tax advantages.
If you have a disabled child then a Registered Disability Savings Plan can be considered. This is not to be used for education but more for retirement planning as the grants on this plan are more generous than the RESP.
Here at Alliston Financial, we can design a plan to help ensure that education funding is created for your child or grandchild to help them achieve their scholastic goals.