RESPs: A Practical Solution

The job market today is really tough, in fact, it is probably the most cut-throat right now than at any other time. The use of technology and machinery in every sector has now reduced the demand of workers and employees exponentially. So, people are finding it difficult to find jobs at every level. There is also the fact that there are thousands of graduates every year that enter the job market, and it gets really difficult to be able to get a good job. In fact, most people, especially people with just a high school diploma end up working minimum wage, and sometimes even below that.

As a parent, you do not want your child to have to face that many problems when they enter the job market, and the only way you can improve the odds of them getting a better paying job or having a leg up on their competition is let them have a college degree. A post-secondary education is proof that the degree holder is capable and have the necessary knowledge to do the job correctly. A college education happens to be really expensive, but thankfully, with the launch of registered education savings plan (RESP) by the government, a lot of children from different income groups are now able to afford a higher education.

RESPs are a collaboration between many companies like Knowledge First Financial and the government that allows parents to open a savings plan for their child where they can keep putting in money and their investments throughout the year, and also have the government occasionally contributes to your child’s RESP monetarily as well. Through financial assistance this way, you are able to have enough money to be able to pay for your child’s college education when the time comes for them to pursue it.

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