As I was doing my estimates for retirement, it occurred to me that I was planning to retire exactly as my kid will be in post secondary education. So how can I do both? Simple I don't plan to pay for my kid's entire education.
It's not that I'm not going to help, but I didn't have my entire education paid for, so why would I pay for all of my kid's education? I personally found that when my parents stopped paying the bill my spending dropped by about $2000/year. It forced me to question my spending habits and really made me think "Do I really need to buy this?"
I personally found the easiest way to fund a RESP for my kid is to take the Child Tax Benefit and that $100/month from the Federal Government and pour it into a RESP to receive the Education Saving Grant . In my case, that works out to $120/month of government's money that is then topped up to $150/month. So it costs me nothing until the kid no longer qualifies for the $100/month at which point I will continue to fund that amount in every month.
As to where to put the money. I suggest you read the following from the Canadian Capitalist, which is a great post with links to many helpful resources.
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