One last tip about educational savings. You can possibly reduce your own taxes by investing the Canada Child Tax Benefit or Universal Child Care Benefit under your child’s name.

See this quote from the this page on the Canada Revenue Agency website:

“Generally, when you invest your money in your child’s name, you must report the income from those investments. However, if you deposited Canada child tax benefit or universal child care benefit payments into a bank account or trust in your child’s name, the interest earned on those payments is your child’s income.”

If you don’t need the income from these benefits immediately it’s an option to consider. However I don’t see a particular benefit to this method unless you are already maxing your TFSAs. 

Related posts:

RESP Information

TFSA Information

Comparing the RESP and TFSA options

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