Well, how about this option? Maximize your RRSP contributions (I suppose you have some catching up to do) and take some of the refunds to invest into an RESP. Sometimes the path that might be the best financially doesn't always allow you to sleep well at night.
If and when you do go for an RESP I would employ a self-directed approach rather than one of the plans where you are lumped in with a lot of other families. There is a lot of information about that on the internet.
One other thing to keep in mind is that, depending on your income and your marginal tax rate, you may find that catching up on your contributions will have diminishing returns if it is sufficient to bring you and your spouse below higher tax brackets.
You also have a lot more time to fund your retirement than your children's education.
Finally, your TFSA can also be used to help supplement assistance your children's higher education costs.
If and when you do go for an RESP I would employ a self-directed approach rather than one of the plans where you are lumped in with a lot of other families. There is a lot of information about that on the internet.
One other thing to keep in mind is that, depending on your income and your marginal tax rate, you may find that catching up on your contributions will have diminishing returns if it is sufficient to bring you and your spouse below higher tax brackets.
You also have a lot more time to fund your retirement than your children's education.
Finally, your TFSA can also be used to help supplement assistance your children's higher education costs.