An investment plan that allows savings to grow tax-free until a child is ready to pursue a post-secondary education, at which time the money is withdrawn to help finance the costs.

RESP is a means of accumulating savings to provide for an individual's post-secondary education. The plan offers a tax deferral on investment income earned on the amounts contributed.

An education investment plan designed to help accumulate money for a child's post-secondary education. RESP contributions are not tax deductible, however income or growth remain tax sheltered until withdrawn. See also CESG.

A government-regulated plan that allows parents to contribute a maximum amount of money each year that will appreciate tax free for a maximum of 21 years.

A tax-deferred investment plan designed to help save for a child's post-secondary education. Unlike RSPs, contributions made to an RESP are not tax deductible. Any earnings made within the plan from the contributions and grant, along with the grant itself, are taxable to the Beneficiary upon withdrawal for post-secondary educational use.

A registered investment vehicle that allows an individual to save for a child's higher education.

A plan that helps parents save for post-secondary education for their children. Plans are administered by financial institutions and other private organizations. Contributions are not tax-deductible but income earned by the plan is not taxable providing the money is withdrawn and used for approved post-secondary educational expenses. The maximum contribution per child is $4000 per year. The federal government will provide an annual matching grant equal to 20% of your contribution to a plan to a limit of a $400 annual grant per child.

Contract between a Subscriber and an RESP promoter under which the Subscriber makes contributions on behalf of a Beneficiary and the promoter agrees to make Educational Assistance Payments to the Beneficiary. The RESP is registered under the Income Tax Act.

a special type of savings plan registered with the government that allows you to reduce the taxes you pay on money you save for post-secondary education expenses

The government provides a Canada Education Savings Grant of 20% of the first $2,000 deposited to an RESP per child per year. All earnings within the plan are sheltered from tax, and when withdrawn are included in the low income of the student beneficiary. If a beneficiary does not attend college or university, the plan can be switched to another beneficiary or, subject to certain rules, the funds can be transferred to the subscriber's RRSP.

A plan that enables a contributor, on a tax deferral basis, to accumulate assets on behalf of a beneficiary to pay for a post secondary education.

"RESP" - An account established to provide funds for the future education of one individual, while providing a more immediate tax benefit to the account holder.

Education savings plans that grow tax free until a child is ready to pursue a post-secondary education, at which time the money is withdrawn to help finance the costs.

A contract between the subscriber and an organization or promoter where the subscriber makes payments into a RESP which earn income and the promoter agrees to pay income as educational assistance payments to one or more beneficiaries designated in the contract.

A plan that can be used to assist in meeting a child's future post-secondary education expenses. Contributions to an RESP are not tax deductible, but any income generated within the plan is sheltered from tax until withdrawn. At that point, tax is payable by the beneficiary child, who likely will be taxed at a much lower rate than the contributing parent or grandparent.

A Registered Education Savings Plan or RESP is a savings account used by parents to save for their children's post-secondary education in Canada. The principal advantages of RESPs are the access to the Canada Education Savings Grant (CESG) and a source of tax-deferred income.