The Registered Education Savings Plan (RESP) helps families save for a child’s post-secondary education. While contributions are not tax-deductible, investment earnings grow tax-free, and government grants like the Canada Education Savings Grant (CESG) can add up to $7,200 per child over the lifetime of the plan.

RESPs are an excellent way to ease the future burden of tuition and education costs. When the student withdraws the funds for school, the income and grants are taxed in their hands, typically at a much lower rate. With long-term growth potential and free government money, an RESP is a valuable head start on any child’s future.