It’s short for Registered Education Savings Plan, and it’s a smart savings tool.

You can open an RESP for your child, your niece, your grandson, or any loved one, really. As the child grows, you put money away in the RESP. Then, when it’s time for them to pursue a post-secondary education and their career dreams, they won’t have to worry about whether they can afford it.

The best part? There’s no tax on the earnings while in the plan and the government contributes education savings grants, including federal and provincial incentives too. In short, an RESP can grow quickly, just like that amazing kid in your life.