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What is an RESP?

A Registered Education Savings Plans (RESP) is a government approved plan for the purpose of providing post-secondary education funding. By starting now, you can grow your education funds by making affordable, convenient deposits that earn income that is not taxed until it is withdrawn. As you can see, it’s the smart way to realize your family’s education goals.

An RESP offers flexible deposit options…you can make one lump sum payment per calendar year (prior to Dec. 31) or set up convenient automatic monthly deposits. For as little as $25 per month your RESP contributions grow tax-free and receive 20% matching government incentive funding. For example, if you contribute $2500 annually, the plan will receive $500 in government matching funding. Plus, you may also be eligible for additional grants (above the 20% Canada Education Savings Grant [CESG]). When you apply for an RESP you will need the social insurance numbers for each child you are applying on behalf of.

Up Next: How to choose the best funds for my child

Families with modest incomes can still help put their kids through post-secondary education with smart planning and a boost from government grants and matching funds.
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