RESP (REGISTERED EDUCATIONAL SAVINGS PLAN)
The Canadian government supports Registered Education Savings Plans (RESPs), which promote saving for a child’s post-secondary education. Contributions made by RESP participants accrue tax-free earnings. For youngsters under the age of 18, the government contributes a set amount to these schemes.
Parents in Canada have the option to save money aside for their children’s education through Registered Education Savings Plans (RESPs). To open a RESP account, guardians must visit a bank or other financial institution. Anyone can make a contribution here to help the child. Additionally, the government deposits the funds into the child’s account and matches them up to a set proportion. The Canadian Education and Savings Grant is the name given to the additional monies that the government deposits. The grant can only be up to a maximum of $7,200.