Add on housing and living costs if your child attends an institution outside of your home town.
It’s no secret that some young graduates enter the job market with a considerable amount of debt.
The Registered Education Savings Plan (RESP) is an investment option that allows you to set aside money to secure a bright future for your children and or grandchildren.
Under this plan, your contributions grow on a tax sheltered basis and entitle you to significant government grants, which effectively accelerate the growth of your assets.
Statistics Canada. Canadian undergraduate tuition fees by field of study, in Table: 37-10-0003-01 [database on-line]. [cited February 2, 2022]. DOI: https://doi.org/10.25318/3710000301-eng.
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