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Relocating to Canada opens up many opportunities for your family, especially if you have young children. As residents (or citizens, if they’re born here) your kids will have access to Canada’s free education system from kindergarten through to K-12. However, post-secondary education can be quite expensive. 

The average tuition cost for an undergraduate was $7,360 for the 2024/2025 school year, and costs are increasing annually. It’s wise to start preparing as soon as possible, so you can give your children the opportunity to pursue their dreamsthe best start in life, without being lumbered with student debt. 

Why You Should Start Saving Early 

Aside from the tuition fees, there are plenty of other costs associated with a college or university education. There are textbooks, rent, food, and transportation. Realistically, with course materials and living expenses, you’re easily looking at $20,000 to $25,000 per year. 

For a standard four-year Bachelor’s degree, that’s $80,000 to $100,000. You can add on another one to two years for a Master’s, and another three to four years on top of that for a Doctorate. If you start to save for your child’s education now, you spread the cost over many years, which means less pressure later. Plus, it gives your money time to grow through compound interest. 

Understanding RESPs 

A Registered Education Savings Plan (RESP) is a dedicated account where your savings grow, tax-free, until your child goes to college or university. The government helps by giving you a 20% match on contributions up to $2,500 a year, through the Canada Education Savings Grant (CESG). That’s an extra $500 added to your child’s RESP every year, with a lifetime maximum grant of $7,200. 

Other Government Grants and Programs 

If you’re a low-income family, you may qualify for the Canada Learning Bond (CLB). This gives you up to $2,000 to get your child’s RESP. You don’t even need to contribute any of your own money to receive it. Some provinces also provide extra support. For example, the British Columbia Training and Education Savings Grant (BCTESG) offers a one-time $1,200 payment, and the Quebec Education Savings Incentive (QESI) adds up to 10% each year. To access these programs, your child needs a Social Insurance Number (SIN). 

Practical Tips to Make Saving Easier 

Saving money is a challenge for most people, let alone when you’re new in a country. Setting up your life here in Canada comes with all sorts of expenses. To make saving easier, here are some tips: 

• Automate contributions: set up a small monthly transfer to the RESP so you don’t even need to think about it 
• Use tax refunds or benefits: consider putting part of your Canada Child Benefit into the RESP 
• Involve friends and family: they can contribute to the RESP too, and help fund your child’s education

Make sure you review your child’s RESP regularly to make sure you’re on track and getting the most out of your money. 

Endnote

Like any parent, you want the best future for your child. Coming to Canada was part of that plan, so now it’s time to make good on your intentions. By starting an RESP and using government grants, you can make higher education more affordable and accessible for them. Every little helps, so start small and start early. Your child’s education is one of the most valuable gifts you can give them. 

Last Updated on August 24, 2025 by soubhik