Parents, grandparents, family members and friends can contribute to educational plans for children. A Registered Educational Savings Plan (RESP) can be established for amounts contributed up to $2,500 per child per year. The government will also contribute 20% to the plan.
Educational savings plans used to be very restrictive but today these plans are very flexible. If the child doesn't go on to post secondary school education, there are several options for using the money collected in the account. In no case will the amounts be lost because the child didn't attend school.