A Registered Education Savings Plan (RESP) is a tax-advantaged account in Canada designed to help families save for a child’s post-secondary education.
The RESP allows for contributions to grow tax-deferred until the funds are withdrawn to pay for the child’s education expenses. In addition to the savings, there are also Canadian Education Savings Grants (CESG) and other incentives that can boost your savings.
Canadian Education Savings Grants (CESG):
The CESG is a program that matches contributions to an RESP to help your savings grow faster. Here’s how it works:
Additional Benefits of an RESP:
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