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THE RESP
The Children's Education Savings Plan (RESP) allows you to save money tax-free to cover your children's post-secondary education.
The following people can open an RESP for a child:
- the child's parents
- grandparents
- legal guardians
- relatives
The designated child therefore becomes the beneficiary of the account and the person who opens the RESP is the subscriber.
To enhance the RESP, government grants of at least 30% are added annually and are calculated based on contributions to the plan as well as net family income.
The RESP is a plan known for its flexibility.
There is no compulsory contribution, no fixed amount or payment frequency.
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