What is an RESP?

A Registered Education Savings Plan or RESP is a savings vehicle that allows parents, grandparents, friends and other relatives to save for your child or another beneficiary's post-secondary education. An RESP is a way to proactively save money towards your child’s education so that when they’re ready to study, you’ll be ready to help pay for it. RESPs have an additional feature that makes them unique from other registered accounts because they attract government grants for post-secondary education.

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