Registered Education Savings Plan
Yearly the costs of post-secondary education are rising, and although there are a variety of student loans offered, the amount to repay after graduation can be crushing.
A Registered Education Savings Plan or RESP aids a family in saving for a child’s college education. It is registered through the government of Canada and allows education savings to grow tax-free and also gain some funds through government grants or Canadian Education Savings Grant or CESG. Studies have shown that even a small amount of savings in an RESP increases the possibility that a child will carry on their education following high school.
Understanding the RESP