An RESP is a Registered Education Savings Plan. It’s a way to help you save money for your child’s post- secondary education.
But more importantly, it’s a way to empower your child: to help ensure that there are no limits on their dreams, no matter how big those dreams might be.
The ABCs of RESPs
Here are a few quick facts about RESPs that every parent or grandparent should know:
An RESP helps you save for tomorrow, today
It’s difficult to predict just how much tuition will be when your child or grandchild goes to university or other post-secondary education, but
it’s a safe bet it’ll be even higher than it is today. That’s why it’s important to start saving early, as the earlier you start, the more time you have to save.
In addition to the Canada Education Savings Grant (CESG), there are other grants you may be able to take advantage of as well, including the Canada Learning Bond and several provincial educations savings incentives.
What is an RESP? A tool that empowers your child to dream big
Life goes by quickly. Your kids will soon be amazing you with what they’ve achieved. Seemingly overnight, they’re going from crawling to walking, from first day of school to driving test.
You want to make sure you’re giving them every opportunity along the way to spread their wings and fly to whatever destinations await them.
An RESP is a great way to ensure they’ll have that support should their dreams include a post-secondary education.