I will be having my first baby in the next couple of months and was looking for ways to invest for post secondary education. I looked into the RESP, and from what I found is that the government will contribute a maximum of $7,200 lifetime, or a maximum of $500 per year. In order to receive the maximum contribution, I will need to invest $2,500 per year or about $210 per month. When funds are withdrawn the student will be liable for income taxes at that time.
My question is - Are there any other investment vehicles that can be used in which the government will contribute, and are possible tax benefits for the contributor and also maximum growth? Or what is the best option available in Ontario?
Current financial situation, I want to begin contributing $100/month. This would be without stretching my budget.