Registered Education Savings Plan (RESP)
A Registered Education Savings Plan (RESP) is a Canadian account families use to save for college, university, or other eligible schooling. Parents, grandparents, or others put money in over the years. The federal government may add a matching grant on those deposits, and the savings can grow inside the plan. When you enroll, that money can go toward tuition, books, rent, and other school costs. Using it first can shrink how much you need to borrow. If the money is never used for school, grants usually have to go back. In the United States, the closest account is a 529 plan.
Related Lessons:
