What is RESP?
A registered education savings plan in Canada is an investment vehicle available to caregivers to save for their children's post-secondary education. The principal advantages of RESPs are the access they provide to the Canada Education Savings Grant and as a method of generating tax-deferred income. source: Wikipedia
How does an RESP work?
Your RESP saving grows tax-free. There is no tax on the investment earnings until they are in the plan. If you save for 17 years old or younger child then the federal government also puts money into the RESP as a grant or bond.
