Are you worried about your child’s future? Post-secondary education is very expensive these days. It pays off to take a well-planned approach – so, how do you save for your child’s education?

Saving regularly is key. First, set up automatic transfers; even a small amount is great. Just start—and you’ll see the funds add up! 

If you haven’t already, setting up a high interest savings account is a good place to get your savings going. In some circumstances, a TFSA (Tax-Free Savings Account) will work too. However, if you really want to boost your return, you need to set up a Registered Education Savings Plan (RESP).  

This type of investment plan helps you accumulate money in an investment portfolio and allows you to access free grant money. That’s right, free money! The Canada Education Savings Grant gives you 20% return on the first $2,500 in contributions each year, up to a maximum of $7,200. Low- and middle-income families may also qualify for the Canada Learning Bond which will offer an additional $2,000.

We never know what the future will bring, so RESPs offer flexibility. Your savings can be used towards tuition, textbooks, and living expenses at a qualified post-secondary institution. Programs such as trade school, an apprenticeship, college, or university are eligible. There’s also consideration given if your child chooses not to continue their education after high school. Contributing to a RESP is an excellent way to save for post-secondary education. We can help you take advantage of available grants and decide whether to place your RESP in mutual funds, GICs, or other products – you don’t need to figure it out alone. We can help you make the most of your money! Speak with a member of Kindred’s Wealth and Investment Team today to start an RESP. You can ask us anything!


*Mutual funds are offered through Qtrade Asset Management (a tradename of Credential Asset Management Inc). Mutual funds, other securities and securities related financial planning services are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. 

Qtrade Asset Management, Qtrade Advisor and Northwest & Ethical Investments L.P. are all wholly owned subsidiaries of Aviso Wealth Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.

Paul Arsenault

Paul Arsenault, CFP®, PFP®, RIS, CKA®

Director, Wealth and Investment Branch Compliance Manager / Qtrade Asset Management Inc. Paul has a wealth of experience helping members achieve their goals as a CERTIFIED FINANCIAL PLANNER® professional. He coaches Kindred’s Financial Planning Team and acts as our compliance manager for Qtrade Asset Management Inc. In addition, Paul is passionate about sharing his knowledge around RDSPs with members and organizations.