Registered Education Savings Plan (RESP)
An RESP is a contract that is registered with Canada Revenue Agency that allows you to save money for a child’s post secondary education. To open a plan, you must be the parent/legal guardian or grandparent of a child/grandchild, or you may open one for yourself. The beneficiary must have a social insurance number and be under the age of 16 to open the plan. There are different grants available and as such, have specific requirements in order to receive the benefits.