Registered Education Savings Plan(RESP)

The first thing to understand about education savings is the concept of tax-deferred income growth.

An RESP is a government-registered savings vehicle for education. Just like with an RRSP, any income earned in an RESP is tax exempt until it is withdrawn – allowing your money to stay in the plan and compound over time. Understanding the basics is critical to getting the right start to saving for your child's education. And there's a lot to consider: