What are the benefits of an RESP?

Opening an RESP can help you save for your child’s education, but that’s not all it can do for you. Other RESP-related benefits are available, including the Canada Education Savings Grant (CESG), under which you can access up to $7,200 in the federal government grant and the Canada Learning Bond, which offers up to $2,000 in government funding to your RESP (if you qualify). These are grants you can’t get in a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA).

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