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It's never too early to open a special savings account for your child's post-secondary education.

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This video tells you about money available from the Government of Canada to get you started,

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and it describes three easy steps.

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The special savings account for your child's education after high school is called an RESP, or a Registered Education Savings Plan.

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It is special because any money that you, your family or friends put into the RESP is allowed to grow tax-free.

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Your child could get a $500 Canada Learning Bond from the Government of Canada to help you start saving, if you receive the National Child Benefit Supplement.

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Your child could get an extra $100 each year up to age 15, as long as you continue to receive the supplement.

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That's up to $2,000 that will grow over time in your child's RESP.

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And, you don't have to put in any of your own money to get this bond.

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The Government will also pay to help cover the cost of opening the RESP.

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You could also get the Canada Education Saving Grant. Depending on your income, the Government of Canada will top up your RESP contribution by 20 to 40 percent.

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This means you could get up to $600 per year in grant money if you contribute $2,500.

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Sounds too good? Not at all.

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So how do you open an RESP and get money from the Government of Canada?

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Step 1 - Get informed.

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There are a number of things to consider when opening an RESP - And you've already started by watching this video!

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Learn about the three types of plans available, so that you choose one that meets your family's needs and situation.

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Check out the 'Choosing an RESP' section, and the checklist in the 'Consumer Information' section, both on CanLearn.ca.

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Also, take a look at the 'Frequently Asked Questions' about RESPs.

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Or call 1 800 O-Canada to ask for an RESP brochure.

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Step 2 - Get a Social Insurance Number for your child.

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Call 1 800 O-Canada or visit a Service Canada Centre near you.

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Your child needs to have a Social Insurance Number to open an RESP.

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There is no fee, but certain documents are required, such as a birth certificate.

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You can apply for a Social Insurance Number for your baby, and it will be useful throughout your child's life.

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Step 3 - Speak with a financial advisor to open an RESP.

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You can open an RESP through a financial institution, such as a bank or credit union, through a certified financial planner, or through a group plan dealer.

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A financial advisor will take you through the process and help you apply for the Canada Learning Bond or the Canada Education Saving Grant.

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With an RESP, every dollar counts. Even a small amount invested will help your child pursue post-secondary education,

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whether in an apprenticeship program, trade school, college or university.

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Get the most money you can from the Government of Canada by opening an RESP right away. Don't wait.

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Remember, an education is the greatest gift you can offer! Start saving now!

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