Show your support
Setting up a RESP is generally a good investment with the return that you get if you contribute every year. You could also put it into a TFSA. You can open both at whichever bank you bank at to make it easy to keep track of. Or you can look at investment companies such as Edward Jones, iA financial group, etc.
We set up a resp and then we just added another account to our existing bank so we can easily transfer money there when he gets money as gifts. When there is a good chunk we move it to an investment and keep track in an excel
Resp through wealthsimple (fees are a lot less than banks but still same regulations as the bank so no need to fret about anything). Or tfsa again through wealthsimple. Anything with wealthsimple lol they have a very good ai that changes stock options for you so you’re more likely to get good returns than doing it manually or through a bank. Rbc shit the bed with my investments and also asked for additional % when I wanted to pull them out, wealthsimple has been on top and way better than simulated predictions of returns (and we’re a family of data scientists so we thought our stock choices would be very good but wealthsimple always beats us by small amount)
RESP is the way to go for education. If they end up not going to school there are some stipulations for what that money can be used for or you can convert it to a RSP. You will see way more growth long term in an RESP than just opening a savings account, and there the government will contribute annually to an RESP as well. I don’t have all of the details on the top of my head, but there is lots of information out there and it is a good way to go to save for education.
ATB, no fees till age 19. Opened one for my daughter when she was only 3 months.