Registered Education Savings Plan (RESP) is a special savings account that can help you, your family or your friends save for your child’s education after high school.
RESPs are registered by the Government of Canada so that savings for education can grow tax-free until the person named in the RESP enrolls in studies after high school.
When you open an RESP account for your child, the Government of Canada will help you save by adding money to your RESP through special savings incentives. These incentives are called the Canada Education Savings Grant and the Canada Learning Bond. They are only available if you open an RESP.
Contact your branch for more information.