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Saving For Your Child’s Future | RBC RESP

The nurses handed us a bunch of forms to fill out shortly after our son crowned. We were delirious from lack of sleep and signed here, here, and here to just get it over with. We ended up signing up for ridiculous things like a book club that came with “free” plastic bookends and a jelly of the month club.

So when I received the umpteenth phone call for crap we signed up for, I was this close to hopping in my car, driving to his office, and strangling him for waking up the baby. *Tim calmly said, “I know that this is a very trying time, can I call you in a month?” and I said “No.”

Then he asked me one question that sent my memory back to 1998.

I was 17 years old when I started my first “real” job. It was a shining moment in my parent’s lives since they had one less body to dress. I worked the bare minimum of hours since I was still in high school and needed to prepare for college.


I needed to play sports.

Shortly before my graduation, I had to decide whether I was going to carry on into OAC (grade 13 which has since been phased out) or to jump right into college. Since I had already completed all of my prerequisites, I figured that there was no point in dragging my high school career out. I declined OAC and gave my basketball coach a stroke.

“Kimberly, you have the chance to play one more year! I need you on the court. You. Complete. Us,” he begged.

“Well this is for making me puke during running drills,” I didn’t say.

I filled out the college registration form, licked the envelope with a prayer, mailed it, and then the envelope magically appeared back in my hand within seconds.

They wanted my money accepted me into the nursing program.

When I found out, I jumped in the air while simultaneously kicking my heels together. If you think that is talent, you should’ve seen how magnificent my face plant was after I saw how much the tuition was. There were so many numbers.

I had to pick up more shifts at the nursing home. Some days I did double shifts and by the time tuition was due, I was able to pay for it.

Then I got the class schedule and a list of the required materials needed for each one.dream1

Text books, study guides, care plan folders, white uniform, nursing student patches, white soled sneakers, stethoscope, thermometer, blood pressure cuff, sterile dressing trays, and a pair of clean underwear after tallying all of the costs.

And I cannot forget how much it cost to buy a little sticker that permitted me to park on the property.

And it wasn’t valet.

The text books alone were worth more than my crappy car.

That was just the first semester. I found myself stretched thin between studying and working.

It was a nightmare.

“Mrs. M, I know that most parents don’t even think of this, but have you thought about an education plan for your son?” *Tim asked.



There needs to be a plan?

*Tim told me about a program that I had no idea existed. It’s called Registered Education Savings Plan (RESP)

The Registered Education Savings Plan (RESP) is a tax-sheltered plan that can help you save for a child’s post-secondary education. With the high cost of education, many parents, grandparents and other family and friends are recognizing the need to save well before the expenses become a reality.

An RESP combines flexibility, tax-deferred investment growth and direct government assistance to help you reach your education savings goals for your children. (Source)

Let me break it down to you…You receive free money from the government! The Canada Education Savings Grant will match up to 20% on the first $2,500 contributed annually. That could mean up to $500 a year, up to a lifetime maximum of $7,200.

That is for your child’s future education plans ( this can be for university, college, apprenticeship, non-credit courses etc., and if your child doesn’t use the funds, you can use your contributions and earnings to fund your RRSP!).

I know what you’re thinking…

“Where do we start?”

Setting up any sort of savings plan can be overwhelming to say the least but with advice from RBC, it’s easy to start.


Why go with RBC you may ask?

  1. Get the right advice – an RBC® advisor will take the time to understand your goals and recommend the best investment strategy
  2. Tax-deferred growth – income earned on investments is not taxed as long as the funds remain in the plan
  3. You can invest in RBC Funds (including RBC Target Education Funds), savings deposits or Guaranteed Investment Certificates (GICs)
  4. The flexibility to choose either an individual or family RESP (source)


We started an RESP for our son when he was just a peanut and we are so glad that we did. Both my husband and I struggled to pay our respective bills throughout college and we want our son to be able to focus on his academic career instead of worrying about the financial costs.


Have you started saving for your child’s future?


If you want to learn more about this program, please go to  the RBC website.


“Disclosure: I am part of the RBC RESP blogger program with Mom Central Canada and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own.”

*Name changed

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4 comments to Saving For Your Child’s Future | RBC RESP

  • I stayed in highschool longer… I was terrified of college.
    With good reason.
    Being an adult is poo.


    Kimberly Reply:

    @Leighann, I was an eager beaver…that’s what she said.


  • I’ll be paying off my grad school loans until my great grandchildren are in grad school. I wish the government paid for our education, too (or maybe they do, I have no idea).


    Kimberly Reply:

    @Greta, Yea, I don’t understand why they don’t do more. They want to decrease the unemployment rate yet they make it incredibly hard to go to school.


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