The vast majority of Canadians who aren't saving for their children's education feel they don't have the money to do so, according to an RBC poll.
About 44% of parents with children under the age of 12 are not currently saving with 84% of them saying they would like to but aren't able to because of their current financial situation.
About 30% said they are living paycheque to paycheque while 28% are focusing on paying down debt.
RBC noted, however, that parents can still take advantage of government savings programs and tax credits towards a child's education. The registered education savings plan is one where the government provides a Canada Education Savings Grant which matches contributes by 20% up to a maximum grant of $500 per year, or $7,200 over the life of the plan.
Other tax credits available include the children's fitness amount tax credit, and the child amount tax credit, which gives parents a credit for each child under the age of 18.