The world is a very different place than it was fifty or even twenty years ago. Many of the jobs that could be had by skill alone now require applicants to present proof of post-secondary training. You can't do the books on an ACH merchant account without degree in mathematics and accounting. You can't expect anyone to hire you to work in a day care without early childhood education training. The kicker is that every year this training gets more expensive. Here are some tips on how to afford to pay for your child's education.
As with any savings plan, the earlier you start, the more you will have when you finally go to train in accounting and bookkeeping services in Toronto. The compound nature of interest increases your savings more the longer you leave it, so ideally you should start your child's college account when he or she is born. Any monetary gifts they receive as children can go into the account and you can set aside a portion of your own income to go into it as well.
Involve the Child
It's not fair for parents to have to take out a second mortgage in Toronto to pay for their child's education when the child is perfectly capable of contributing. Encourage your child to set aside a portion of allowances and gift money for their education. You child should also begin working as soon as possible. Summer and part time jobs, both in high school and during college, can help enormously in the quest to afford education. Impress on them that this is all for their benefit.
Having to pay taxes on the interest you earn from your Canadian ETFs can set you back in your efforts to save up for your child's education. A better option than using a regular savings or investment account is the RESP or Registered Education Savings Plan. It is a tax sheltered account that cannot be accessed by the child unless they can prove enrollment in a post secondary program, so it cuts down on the begging to be allowed to use their savings to backpack through Europe.
Teach Fiscal Responsibility
You can save all the money in the world and it still wouldn't be enough to last some children through their years at an English language school because they have never learned to manage money responsibly. Teach your child the value of saving, how to create and stick to a budget, and how to avoid impulse buying. Explain the difference between a necessity and a luxury and discuss ways to have fun on a shoestring. This will allow your savings to stretch further when the time comes to use it.