People like Registered Education Savings Plans (RESPs) because of the government grants they get, but there are other ways to save for a child's education. These other options may work well for you if:
- You don't like all the rules set by an RESP
- You want to save more than the RESP lifetime limit of $50,000 for each child
- You want to be able to defer tax while you save for a child's education.
You have three main choices:
Related contentInformal in-trust accounts
Juvenile life insurance
Learn more about how these choices compare to RESPs.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.