[ON] Am I Making the Silly Decision Prioritizing My Kids RESP over my TFSA?
I currently have a 2 year old and another one due in a few months and I have been maxing out their RESP contributions each year in order to get the 20% match from the government. This is through Wealthsimple in a managed account.
I've also recently been learning about ETFs and started to buy XEQT which I have in my self-directed TFSA, however I'm currently contributing very little every month.
I'm not sure if I'm making the right decision by prioritizing maxing out my children's RESP vs. investing through my TFSA. Regardless, the money will be spent on my children. I did not come from a supportive background and just want to give my children the best opportunities possible. My fear is that my children may not want to pursue post secondary education and that I would have to return the money, or that I'll face tax complications when trying to withdraw the money.
Would just like to hear some opinions and you can give it to me straight, I'd just like to know the better option for my kids future.
TIA.