Saving for education

Considering the various plans

Education savings options range from a simple savings account to the more complex formal trust account. Somewhere in the middle lie Registered Education Savings Plans (RESPs) and “informal” trust accounts. Each option has different advantages and limitations. And depending on your family’s financial situation, you may need to use more than one option.

When reviewing these options, make a list of questions for your advisor so that you’ll be ready to fully assess all the possibilities.

identity card

Many education savings options require your child to have a Social Insurance Number (SIN). Visit the Employment and Social Development Canada (ESDC) website for how to apply.