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.
Source: Statistics Canada, Table 37-10-0003-01 Canadian undergraduate tuition fees by field of study