Your child has started going to school. Have you started the RESP? In September, school-aged children start their school year and grown up students join post-secondary education. Since the cost of education in Canada is quite high, in order to ease the financial burden of parents, the government has designed a unique educational savings program namely RESP. Parents who intend to save for the post-secondary education of their children can take advantage of this wonderful savings initiative of the government.

Who is RESP meant for?

RESP is an immensely beneficial/wonderful way to help you save for the postsecondary education of your children. The funds invested/accumulated through RESP can be used to pay tuition fee and other financial barriers of post-secondary education including residence, school supplies, food, and travel. Like RRSP, the funds invested in RESP grow in a tax-sheltered manner until the time you withdraw the money to cover educational expenses.