A Registered Education Savings Plan (RESP) is an education investment plan that allows you to accumulate money in an investment portfolio for a child’s post-secondary education. You can place your RESP investment in mutual funds, GICs, and more.
An RESP offers flexibility. Your education savings can be used towards tuition, textbooks, and living expenses at a qualified post-secondary institution, in programs such as trade school, an apprenticeship, college, or university. There’s also consideration given when the beneficiary chooses not to continue their education after high school.
Parents and grandparents want the best for their children’s future; however, this takes long-term planning and preparation. It’s important to learn about the government’s regulations and contribution limits that apply to this type of savings plan. Learn more about these on the Canada Revenue Agency Website.
Pre-authorized contributions to your RESP make it so much easier to save. Contribute every month, and watch your savings add up!