As you diligently save for your child’s post-secondary education, somewhere in the back of your mind is the nagging question: What if they change their mind and decide university just isn’t their thing? It can happen.
Maybe your child doesn’t want to go to a university or college, but is considering trade school, an apprenticeship, part-time or online courses or even a program at an international academy. That’s okay – keep in mind that a Registered Education Savings Plan (RESP) can be used to fund any form of post-secondary education that qualifies under the Income Tax Act (Canada).
But if your child just isn’t into studying further, that’s okay too. With an RESP, you have options. Here are a few of them:
An RESP is an increasingly popular option among parents to plan for their child’s post-secondary education not only because it’s an effective way to save, but also because an RESP helps give you and your child options for the future.