If your child is starting Junior Kindergarten this week (or next), and you have not opened an RESP for them, can I ask why you haven’t? Make it a back to school tradition, to make an RESP contribution on September 1st (as well as other times during the year).
Go to my RESP page, and read some of the stories there about how simple it is to open this kind of account, and how helpful it can be (and how much of a pain it can be to extract your money), but if you think your child has a chance of going to a post-secondary program, you need to start saving right now.
Some provinces are talking about changing their “student loan” system so that there are more grants given out, but I suspect the business of post-secondary education is going to keep out-stripping inflation for a good long time.
I must however warn you off many of the RESP savings systems offered by many of the banks especially those that only allow you to purchase the banks “value added” mutual funds, and yes, there is going to be another rant about this real soon now. Find somewhere that does not have a lot of extra fees, where you can grow the money you get from the government, because it is not going to be enough, to pay for a full education. Interesting that one Insurance company that had a Giraffe as their mascot, seems to have gotten out of the RESP business? Don’t use a group RESP either, very bad idea!