Registerest Education Savings Plan (RESP)

The federal government adds to your savings through the Canada Education Savings Grant.

Every year, 20% of every $2,500 is matched – up to a lifetime maximum of $7,200 per child.

Contributions grow tax free in the RESP so your savings grow faster.

When post-secondary starts, funds withdrawn are taxed in the child’s name so students with little or no income won’t pay much tax on the withdrawals.

Lower income families may also qualify for the Canada Learning Bond.

If the child doesn’t pursue a post-secondary education, you have options.