The Schooling piggy bank is used for post secondary education. From a young age children will learn that education is very important and can be very expensive. Each year the money in this piggy bank can be transferred into a Savings Plan for your child’s education.
Do your research when looking for an educational savings plan for your child. If you live in Canada, the Canadian Government has a grant process in place (CESG) where they will contribute 20 % of the annual RESP contribution to a maximum of $500 per child per year and to a lifetime maximum of $7200 per child.
Each year, the money from the Schooling piggy bank can be withdrawn and used to “top up” an already existing RESP for your child’s education.