An RESP is a savings plan that helps families save for their children's education.
Contributions made to an RESP are not tax-deductible, but the investment growth within the plan is tax-deferred until the funds are withdrawn.
Investments in an RESP have a variety of options
Including stocks, bonds, ETFs, mutual funds, and GICs.
The government provides incentives for families to save for their children's education through the CESG.
The CESG provides an additional 20% on the first $2,500 in annual contributions, up to $500 per year.
When the beneficiary (the child for whom the RESP was established) is ready to attend post-secondary education, the funds can be withdrawn tax-free to pay for tuition, books, and other eligible expenses.
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