RESP – Registered Education Savings Plan

Home RESP – Registered Education Savings Plan

Commonly known as RESP, i.e. Registered Education Saving Plan.

The government provides education till high school, but you are on your own after high school.

So, pursuing a college or a University Education will cost you and you need to be prepared for that.

To help parents prepare and plan, the government introduced some incentives help parents save for their child’s education.

The first help is that the government gives you is a grant of 20% on every dollar you save for the child’s education to a maximum of $7200.

You can start a saving plan for as low as $25 and gradually increase the saving as your income grows.

The good news is that the government also provides extra grants to low income families, and if you are a new immigrant and settling down, you may qualify for the same, and you should avail the opportunity to obtain the extra grant.