My brother and his wife just had twins (congratulations from frugala and I) so we decided that a nice 0th birthday gift for them would be a contribution to their RESP (once they have their birth certificates and social insurance numbers I guess). The benefits of these savings are that you begin saving for post-secondary education, the money grows tax free on the growth, and that the government contributes between 20 and 40% extra to your contributions (based on your income) and that you can have up to $50,000 for each child.
For more information, check out RESP Information for more information.
As an aside, some shock in the stock markets yesterday as a slip of the finger may accidentally have caused a 1000 point drop in the Dow Jones. Check out this link for more information.