Choose your RESP

Choose your RESP

How to Get Started with your RESP

Your approach to saving for post-secondary education will be as unique as you and your child. The key is to choose an approach that works for you and get started. The sooner you start, the sooner you’ll start earning compound returns and qualifying for education savings grants.

Set a Budget

As a parent, you face many demands on your money — from mortgage or rent payments, to household bills, to saving for your own retirement. Setting a budget that you can stick to will help ensure your RESP remains a priority.

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Establish a Goal

While the goal of any RESP is to save for education, how much you’ll need depends on a wide range of factors, such as how many children you have, where they will go to school and what percentage of their education costs you want to save for in advance.

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Compare Our Plans

Every student, every parent and every family is different, with different preferences and needs. That’s why, at Knowledge First Financial, we offer more than one kind of RESP.

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How to get a Social Insurance Number 

If your child doesn’t already have one, you’ll need to apply for a Social Insurance Number to benefit from government grants.

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How to Get Grants

Federal and provincial grants could add thousands of dollars to your education savings, but payment isn’t automatic — you need to apply. 

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“The trick is treating RESP contributions like pension deductions, or any normal, fixed expenses. Maintaining the payments is the key to success, which should be easy as long as you save an amount you can afford.”

Joe & Deborah D’Ettore
Parents of seven children
Knowledge First Financial customers

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Already have an RESP with Knowledge First? We can help.Manage Your RESP