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RESP - Registered Education Savings Plan

RESP “registered education savings plan” provides a great way to save for your child’s university education.

With RESPs, the government provides matching funds for 20% of any contribution up to $2,500 per year up to a maximum of $7,200.

An RESP can be used for any education related expenses and can even be transferred to a sibling if one child opts to forgo a university education.

RESP funds will be taxed upon withdrawal; however, students will be paying taxes only on the interest, dividends, capital gains, and the government’s contributions; their withdrawals directly tied to the contributions made by the parents are not considered taxable income.

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