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... What about other options outside an RESP like universal life insurance policy, group scholarship plans, pay off debt now to free up cash flow during university years, in-trust accounts, CTB/UCCB invested in account, monthly income funds, tax-advantaged mutal funds, TFSA, age 40 trust etc. ...
Universal Life Insurance - not generally a good return on investment, and certainly not for RESP.

Group Scholarship Plans - If they're the ones I'm thinking of, they are pretty much passe since the advent of RESPs. Investors don't get their money (and earnings) back if the child doesn't go to post-secondary education; ROI is questionable.

Pay off debt to free up future cash flow? This is always a good consideration.

In-Trust accounts: can be complicated from a legal/tax point of view. RESPs are a lot simpler.

Monthly Income Funds, Tax-advantaged Funds. This isn't a question about how to save so much as what to invest in. Really a separate topic.

TFSA: At least use RESP first to maximize the federal grant. For contributions beyond that, TFSA makes sense, as offering more flexibility on who can withdraw, and withdrawals aren't taxable even in the hands of the student.
 
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