If you are like most of the parents in the current era, you would face difficulty catering to the educational needs of your children when they will attend college or university. According to an estimate, every year there is an 8% increase in the overall expenses the parents have to bear when they plan on sponsoring their children’s higher education. The escalating costs of college education have put a great burden on parents who have limited budget to cater to the basic needs of their family. Being a citizen of Canada, you should apply for the various incentives that are provided by the government in order to pursue your child’s further education without any barriers.
The first thing you need to do is evaluate whether you would be eligible to open up investment accounts that would increase your yearly savings which you can later on use to finance your child’s study. They would first verify various details regarding your eligibility criteria such as whether your monthly income is below the specified amount and your child should be studying at an eligible educational institute. Once you start saving early, you would be able live your life without making any big comprises. Make sure to learn more about Knowledge First Financial on the webpage of BBB to get customers’ review and overview about this offer.
Registered Education Savings Plan or RESP is the most preferred way of increase your bank savings without letting your money drain due to tax related charges. As long as you don’t take out your money from this saving plan, you would be able to enjoy its perks. The involvement of the federal government in this education plan makes it desirable for most of the citizens who want their children to be enrolled in the best educational institutes.