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The Registered Education Savings Plan (RESP) lets you save for your child’s university or college education. Money invested in an RESP grows tax-free until the child is ready for his/her post-secondary education.
Tax Sheltered Growth
Although contributions to an RESP are not tax deductible, any growth inside an RESP is tax sheltered.
When it comes time to withdraw from the RESP, the growth and any government contributions are taxed in the hands of the child – or beneficiary. Generally the child is a student with little or no income, and therefore he or she will pay little or no tax.
Use this calculator to see how tax sheltered growth in a Registered Education Savings Plan can build a post-secondary school education fund for your children.