Are you getting ready for back to school? This time of the year usually means you’ve already started a checklist for school supplies, clothes, lunch boxes, sneakers – the list seems truly endless!
If you’re getting your toddler ready for kindergarten four, or maybe your child for grade six, it may seem that getting them ready for university or college seems pretty far off. But is it?
As parents, you think the best thing you can do for your children is to encourage them to go to college and get a good education — and, hopefully, that will help them land good jobs with higher earning power than if they had high school diplomas alone. But that’s an expensive goal. It’s especially daunting considering that many parents are still paying off their own student loans, while their children born today could end up paying up to four times the current price for tuition if inflation keeps up, according to finaid.org.
So, what do you do? Open an RESP? A TFSA? Maybe a separate account or even a trust?
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