An RESP is a special savings plan. It helps you, your family or friends to save early for a child’s education after high school. RESP is registered by the Government of Canada; it allows savings for education after high school to grow tax-free.
Consider starting a registered education savings plan because the government will match part of your contributions with a Canadian Education Savings Grant. The amount the government contributes annually depends on your net family income. And the earlier you start, the more time you have for the money to compound.
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