Registered Education Savings Plan (RESP)

An Registered Education Savings Plan (RESP) is a government-supported savings account for children’s post-secondary education. RESP contributions grow tax-free, and the government may contribute to your savings through the Canada Education Savings Grant (CESG), which matches up to 20% of contributions annually, to a lifetime maximum. Some families may also qualify for additional grants or the Canada Learning Bond if they meet income requirements.

RESPs offer a structured way to save for educational costs, with funds that can be withdrawn tax-free when used for tuition, books, or living expenses while the child is a student.