Registered Education Savings Plan (RESP)

A Registered Education Savings Plan is essentially a long-term savings account that you, the parent(s), can make contributions into until your child is deemed eligible by the government to enter post-secondary studies.

The great thing about contributing to an RESP is that your savings will grow tax free, they will earn a competitive interest rate, and you will be able to apply for a Canada Education Savings Grant.

Most financial institutions offer RESPs. For a list of prospective RESP promoters, consult the Human Resources Canada website.