Registered Education Savings Plan (RESP) 

A Registered Education Savings Plan (RESP) is a government-registered savings vehicle designed to help families finance their children’s post-secondary education. Contributions grow on a tax-deferred basis, and the Government of Canada enhances savings through programs such as the Canada Education Savings Grant (CESG).

Funds can be invested in a variety of qualified options to maximize long-term growth. When withdrawn for eligible educational expenses, the accumulated income and government grants are taxed in the student’s hands, typically at a lower rate. By starting early, families can build a significant education fund and reduce the financial burden of future tuition and related costs.