September is like New Years for me. The kids are back in school, fresh start, filled with hopes and new adventures. Both my boys are in school for the first time this year. Yeah! Junior Kindergarden and First Grade - here they come. This time of the year I start thinking about their futures - and what early steps we can do now to ensure a better chance for them. So, step one is considering a RESP - Registered Education Savings Plan- a tax deferred investment. The federal government matches 20 per cent of your contributions up to a maximum of $500 per year. Education can be expensive. Benefits: A tax-sheltered education savings account.  Money earned isn't taxed until it is withdrawn by the beneficiary.  Since most students have limited income, they will likely pay very little tax.. Your Options.  If you child decides not to continue his/her education you can withdraw the earnings in cash.  Do note you will have to then pay the tax on that amount.  Or, your plan may allow you to transfer to another sibling. 1.  Do a little research online at  Human Resources and Skills Development. So you can ask the right questions, specific to your family's needs, to your financial institution when you're ready. 2. Apply for your child's Social Insurance Number at Service Canada There is no charge for the application. 3. Open an RESP account. Book an appointment with your financial institution to discuss what best suits your family.  Before you commit, please make sure you understand all your options. For more information call 1-800-O-Canada (1-800-622-6232) One step at a time. Do you already contribute to a RESP's or have your own savings plan in motion?