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A Registered Education Savings Plan (RESP) is a special savings account designed to help you save for your child’s post-secondary education. Contributions grow tax-deferred, and the government supports your savings through programs like the Canada Education Savings Grant (CESG), which adds 20% on the first $2,500 contributed each year—up to $500 annually. When the funds are withdrawn for education, the student typically pays little to no tax, making RESP a smart, tax-efficient way to plan for future education costs.
An RESP allows parents, guardians, or other contributors to save money for a child’s future education. While contributions are not tax-deductible, the investment income grows tax-free until it’s withdrawn. When the funds are used for educational purposes, the withdrawals are taxed in the student’s hands—usually at a low tax rate.
