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The Many Benefits of RESPs

As busy parents, just meeting your family's needs each day can eclipse thoughts of the future. Add to that juggling act the cost of running a home, daycare, mortgage and car payments, and it's easy to see how setting funds aside for a child's future education can become something you'll "do later" when you have the time and money.

Registered Education Savings Plan (RESP)

What is an RESP?

RESPs are registered education savings plans 1 that grow tax-deferred until beneficiary withdraws funds for post-secondary education. Students usually pay little or no tax on those funds when withdrawn as RESP contributions are nontaxable and students are at lower income tax rate.

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