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Registered Education Savings Plans (RESPs) are tax-sheltered savings plans registered by the Canadian government. They are a great way to invest in a child’s post-secondary education.
The cost of education seems to always be going up and opening an RESP is a good way to set aside money for the future even if you don’t have the extra cash to invest.
The federal government adds to your RESP savings each year through the Canada Education Savings Grant.
Contributions grow tax-free while they remain in the RESP. That means your savings can grow faster.
When your child starts college or university, funds withdrawn from the RESP are taxed in the child’s name.
Lower income families may also qualify for the Canada Learning Bond.
If your child does not pursue post-secondary education, you have options.