What is a RESP?

RESP stands for Registered Education Savings Plan. It is a savings plan that is registered with the Canadian government and is designed to help parents save for their child's post-secondary education.  With an RESP, you can contribute up to a maximum lifetime amount per child, and your contributions will grow tax-free until they are withdrawn to pay for your child's education.  The government also provides various incentives, such as the Canada Education Savings Grant (CESG), which can add to the amount of money in the RESP.