RESP – Registered Education Savings Plan
An RESP is to education what an RRSP is to retirement: it allows you to build up savings to put toward your child’s post-secondary education.
This is the most precious gift you could offer your child: the possibility to pursue the career of their dreams.
How does the RESP work?
You start saving early in your child’s RESP and take advantage of generous government grants. The RESP is for everyone—contribute as little as $25 a month. The amount you invest can vary based on your budget, as long as you stay within the lifetime limit of $50,000 per child.
Your regular contributions and grants generate interest. Your RESP grows tax free.
Your contributions are returned to you to fund your child’s education. Your child receives the grants and the total interest from the RESP.
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