Education is an expensive endeavor in most of the countries which can create a serious financial burden on the family. The fee structures of the top rated educational structure are far above the normal amount of money an office-goer can afford in the current economic environment. With such high assets at stake it is always a better idea to apply for a scholarship or education saving program that would reduce the financial stress that most of us are inevitably going to face. People who belong to the low income bracket of Canada can also apply for Registered Education Saving Plan, also known as RESP, in order to finance the post-secondary and onwards education for the children.
Once you have been entitled an insurance number, you can sign up for this savings offer that is financed by the federal government. Depending upon the number of children you have who still would be pursuing their higher education; you should select the suitable type of RESP according to your case. In order to avoid any penalties make sure to select an option that caters the needs of your family. If you only have one child, then signing up for a family plan might not be a recommended option. Knowledge First Financial is your best bet to select the best option according to your budget so that you can start getting monthly deposits in your bank for future use.
Keeping some portion of your RESP in stocks is a suitable option for those parents who have young children. This way not only they can have a better control over their investment but also reduce the chances of any impulsive spending. Make sure to go for low risk investments so that you can easily finance your child’s education.