With the cost of education rising, most parents find the thought of saving for their children's education a daunting task.

By the time today's 3-year old is ready for college or university, annual costs, for tuition and books alone for a 4-year program, may total over $25,000, and nearly a whopping $70,000* for a student who attends school away from home.

Total Educational Costs (4-year program)

This chart will help you forecast your child's future educational costs. Numbers are based on a 3% rate of inflation for tuition and a 2.5% rate of inflation for room and board. The inflation rates are assumptions only.

A Scotia RESP will help you to provide for your child's post-secondary education, especially when you invest early, invest regularly, and stay invested.

RESP Basics
What is an RESP? How do they work? Who can contribute? What are the contribution limits? Get the facts on these questions and more.

Government Education Initiatives
The Government of Canada will assist you in saving for your child's education.

Scotia RESP Products
A range of RESP options including a premium savings account, mutual funds and self-directed plans.

In-Trust Accounts
Find out how an informal in-trust account can also be used to save for your children's education and complement an RESP.

To find out more

• Find out how much you'll need for your child's education with the Scotia RESP Reality Check.
• Complete the Scotia Investment Selector to determine the right mix of investments for your child's RESP.
• Drop in to your nearest Scotiabank branch and talk to one of our investment specialists.

* Educational costs are based on a 4-year program starting in 2019, based on Statistics Canada data in 2004/5. Scotiabank has assumed a 3% tuition rate of inflation and 2.5% room and board cost of inflation.