The registered education savings plan (RESP) is an investment vehicle used to save for a child’s education. The contributions you make add up in the RESP until it reaches maturity (which is usually the beneficiary’s first year of post-secondary education).
This way, your investment grows tax free and attracts generous governments grants, and once your beneficiary enrols in a post-secondary program, all your RESP funds become available to help pay for school!
And if your beneficiary decides to take a break after high school to travel the world, that’s okay too! RESP funds are available for up to 35 years following the year you opened your plan!