What if I don’t open an RESP when my child is born?
No problem. As long as you contribute (you can check the detailed conditions here)
before the year the child turns 15, you’ll qualify for some of the government grant money. But you want to take advantage of all the grant money, right? In this case, you’ll want to open the RESP before the year the child is 11. The downside of opening an RESP this late in the game means you’ll have to make bigger payments, to “catch up” on previous year’s grant money.
In order to keep your yearly payments low, it’s best to open an RESP in the first few years of a child’s life. Plus, investing early means the money will have more time to potentially grow, and grow, and grow!