An RESP (Registered Education Savings Plan):
- is a special savings plan (like a savings account).
- helps you, your family or friends to save early for a child’s education after high school.
- is registered by the Government of Canada.
- allows savings for education after high school to grow tax-free and could also gain government money through the Canada Education Savings Grant and the Canada Learning Bond, if you qualify.
There are 3 general types of RESP plans.
- FAMILY: Ideal if you have 1 child or more.
- INDIVIDUAL (NON-FAMILY): Ideal if you are not related to the child you are investing for.
- GROUP: Ideal if you can make regular payments throughout the term of the RESP.
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