Registered Education Savings Plan - RESP

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Dictionary Says

Definition of 'Registered Education Savings Plan - RESP'

A savings plan sponsored by the Canadian government that encourages investing in a child's future post-secondary education. Subscribers to an RESP make contributions that build up tax-free earnings - tax-free because subscribers cannot deduct payments made to the plan from their income. The government contributes a certain amount to plans for children under 18 under the Canada Education Savings Grant (CESG).
Investopedia Says

Investopedia explains 'Registered Education Savings Plan - RESP'

Payments are made by a contributor (parent) on behalf of a beneficiary (child). Once the child is in a post-secondary institution, he or she will receive educational assistance payments (EAPs). These EAPs count as income for the child (beneficiary). If the beneficiary doesn't receive payments - either by choice of the contributor or because the beneficiary does not attend a post-secondary institution, the contributor will receive the amount in the RESP back tax-free.
Search results for

'Registered Education Savings Plan (RESP)'

  • Invest In Your Education With An RESP

    http://www.investopedia.com/articles/pf/07/resp.asp
    ... To open a registered education savings plan, you need to find an RESP provider.
    Almost all banks, credit unions and financial institutions offer RESPs. ...

  • Canadian Grants And Tax Credits Fund Education

    http://www.investopedia.com/articles/pf/08/canadian-resp-education-saving.asp
    ... The Plan A Registered Education Savings Plan (RESP) is a Canadian tax-sheltered
    investment account for saving for a child's post-secondary education. ...

  • College Savings Accounts: US Vs. Canada

    http://www.investopedia.com/articles/younginvestors/09/college-savings-us-canada.asp
    ... How The CESG Works Parents walk into a bank, credit union or other financial
    institution to open up a Registered Education Savings Plan (RESP). ...

  • Maxing Out Your RRSP (Canadian)

    http://www.investopedia.com/articles/retirement/07/rrsp-resolution.asp
    ... January marks a hazy line in contributions, it is the last chance for Registered
    Education Savings Plan (RESP) contributions and is also considered the time to ...

  • Tax Breaks For Canadian Families

    http://www.investopedia.com/articles/pf/07/family-tax-breaks-canada.asp
    ... (To get started, read Find The Right Financial Advisor.). RESP and Personal ... Now,
    starting a Registered Education Savings Plan for your child is one of the best ...

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