We all want our children to have a great head start in life, and investing in their future is crucial in this regard. The Registered Education Savings Plan (RESP) has been an excellent tool for securing funds for post-secondary education. However, as parents, we know life doesn't always go as planned. Children might choose alternative paths, or even if they pursue higher education, there could still be residual funds left in their RESP.

It makes more sense to aid our children in acquiring their first home, which is foundational for building equity and securing financial stability. Allowing unused portions of an RESP to be rolled over into a child's First Home Savings Account (FHSA) — tax-sheltered — would provide this essential support.

Currently, without this change, any unused RESP funds often default to being rolled back into the parents' Registered Retirement Savings Plan (RRSP), which does not directly benefit the child's immediate future.

The ability to transition these funds into a FHSA would give young adults the flexibility and financial boost they need to enter the housing market. This policy change would acknowledge the varied pathways our children might take and appreciate the significant financial responsibility of homeownership.

According to a 2022 study by Statistics Canada, only 36% of young Canadians under 35 own a home due to affordability challenges. This policy adjustment could significantly impact that statistic by providing a necessary financial stepping stone.

Join us in urging policymakers to make this critical change. Let's ensure that the investments we make in our children's futures truly support them in all their life choices. With your signature, we can bring attention to this important cause and advocate for the necessary legislative adjustments.

Sign this petition to help us create opportunities for our children to secure both education and homeownership, ultimately empowering their financial futures.