Registered Education Savings Plans – RESP

Given the increasing costs of education, parents should consider Registered Education Savings Plans (RESP) combined with the Canada Education Savings Grant (CESG) for their tax advantages, as funds in an RESP grow tax-free and can be used for any post-secondary education expenses, including tuition, books, supplies, room and board, travel, and more, whether at a community college, trade school, or university.

Family Plans

You can designate one or more children as beneficiaries of the RESP, provided they are all related to you, including your children, adopted children, grandchildren, or nieces and nephews. With a family plan, you'll want all or any of the named children to receive benefits and will need to decide, either independently or with the help of a financial advisor, how the funds should be invested.

Individual Plans

An individual plan benefits a single beneficiary, who may or may not be related to you.

Group Plans

You may have the option to participate in a group plan through your employer, allowing you to name your own beneficiary(ies).