Set a Budget

Make Education Savings a Priority

Finding money to set aside for your child’s post-secondary education might seem difficult at first, especially with rent or mortgage payments and other financial obligations every month. Here are some tips to help you.

Save Only What You Can Afford

It’s great to want to save $200 a month for your child’s education, but only if it’s something you can afford to do. By calculating how much you spend every month, you can create a savings plan with realistic, achievable targets.

Pay Yourself First

Whether you’re saving for a trip, a new car or your child’s post-secondary education, you should always pay yourself first. Treat your savings just like your rent or mortgage, hydro bill or other essential payment — take them out of your paycheck right off the top, before you have time to spend the money elsewhere.    

Your RESP Should Fit Your Budget, Not the Other Way Around

Every RESP is designed to help you reach a savings goal, but it will be effective only if it makes sense for you. Some plans are flexible while others are more structured. The one that’s right for you will depend on your financial situation and your savings goal.

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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Government Grants

An RESP is the best way to save for post-secondary education because contributions are eligible to receive government education grants.  Applying for government grants couldn’t be easier.

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Forms & Resources

  • Social Insurance Number Application

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  • Canada Education Savings Grant and Canada Learning Bond

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  • Application for British Columbia Training and Education Savings Grant

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Which RESP is right for you?

A Knowledge First Financial Sales Representative can guide you through the process of choosing an RESP that is right for you and your family. 

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