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The Value of a RESP

Parents, grandparents, and family friends can open a Registered Education Savings Plan (RESP) for a child and make contributions up to $2,500 a year per child. This plan can be used to fund post-secondary education that a child chooses to pursue after high school. RESP savings grow tax-free and accounts can be open up to 36 years. They qualify for the Canada Education Savings Grant (CESG) of 20% up to $500 a year per child until the child is age 17. Start today with a monthly contribution of just $50 to have funds available for your child’s future post-secondary education.

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