A lot of children start working part-time when they become teenagers, be it as a server, a cashier and so on. This allows them to start earning a minor income, and at the same time, prepare them for more practical experiences since this gives them a lot of experience as well. Now, some of your children might want to immediately start working once high school is over and they have their diploma, and some children might want to continue a post-secondary degree as a college student as well.
Now, the reason why a lot of parents let their children start a job after high school is mainly because they cannot afford a college education for their child. So, even if we do want our children to do well and have a college degree, sometimes we are not prepared enough. The government recognizes this problem, and that is why RESPs, also known as Registered Education Savings Plans were launched throughout the country. So, the federal government collaborates with companies that provide RESPs, allowing you save up for your child’s education. Knowledge First Financial happens to be amongst the many companies that operates in multiple cities throughout the country.
An RESP allows you to be able to save for your child’s education a lot more quickly, and if you do not understand why that is, then it is simply because there are no taxes involved when it comes to RESPs, so regardless of how much money you have put into the plan, you do not have to pay any taxes for it, so your money can easily continue growing. Plus, the federal government, also adds money into RESPs through many different grants and funding projects that are launched. This way, anyone is able to send their child for a college education.