A registered education savings plan (RESP) is a special Canadian government-funded program that helps parents to save for their children’s college or university-level education. When parents choose to invest regularly in a RESP, a Canadian education savings grant allocates the same amount (i.e., matches) into the account, with the total reaching up to 7,200 CAD. Children with a RESP can use the savings in this account to pay their tuition and living costs tax-free.
A RESP individual plan is suitable for a family that only has one child. Here, the only child is designated as the sole beneficiary.
The RESP family plan is designed for families with more than one child. Each child can be designated as a beneficiary, including which child is the primary beneficiary according to age. The RESP family plan enables families to save more money if they choose to open several individual plans.
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