Registered Education Savings Plans
... and the CESG

suggested by Stan
There's this thing called a RESP (with a list of rules & regulations: see
this and
this) so that one can
contribute aftertax dollars to an investment account for each child (up to a maximum of $4000 per year) and the
government will contribute 20% of your investments (up to a maximum of $400 per year ... that's the Canadian
Education Savings Grant) and when your child attends Post Secondary School ...
>So?
So it might be useful to build all this stuff into a spreadsheet so you can estimate how much you should save in
order to be prepared for the cost of postsecondary education for your child, umpteen years from now.
>Child? Just one?
Well, no, the spreadsheet handles up to five children and ...
>And if I have ten kids?
Do it twice.
The spreadsheet looks like this:
To download the .ZIPd spreadsheet, RIGHTclick on the picture and Save Target.
>From the picture I see that I need to contribute over $12K each year ... and I'm still short by $6523 !!
Just cut out all those trips to the fast food joints.
>Suppose I have limited resources, say $5K per year, and I have three kids. How should ...?
Good question.
>I haven't even asked the question yet!
You want some optimal allocation of your resources to each child, eh? Of course, there are many ways to define
"optimal" but suppose you allocate a fraction of your limited resources to each child and, when the first child attends
PSS, her allocation goes to the second child and when he attends PSS his allocation goes to the next child ... and so on.
Then I'd define optimal as that allocation which will allow you to say to your grown children (when you're old and
grey):
"I've contributed the same percentage of your education  to each and every one of you"
>I assume the spreadsheet ...
Yes, it does.
