1. What is an RESP?
An Registered Education Savings Plan (RESP) is an account designed to help pay for a child’s post-secondary education. You put money in, it can grow over time, and there are often government grants that boost your contributions.
The core idea is simple: save a bit over many years while your child is young, so that future-you has help with tuition, books, and other schooling costs.
2. Why do people like RESPs?
The RESP has two big advantages compared to just using a regular savings account:
- Government grants: your contributions can be topped up by government money, up to certain limits and rules.
- Tax-advantaged growth: investment growth inside the RESP is sheltered while it stays in the plan.
The exact rules vary by country and program, but the main point is: an RESP is usually a more efficient place to save for schooling than a basic savings account.
3. How much do I need to contribute?
Many parents feel pressure to “fully fund” education. In reality, something is always better than nothing.
- Pick a comfortable monthly number and automate it
- Top up with lump sums when possible
- Use RESP gifts from family when available
The most important thing is consistency, not perfection.
4. How does investment growth work?
Money in an RESP can be invested in funds, ETFs, and other options. Growth isn’t guaranteed, but saving over many years allows compounding to work in your favour.
Try the RESP Planner to see how different contribution levels could grow over time.
5. Balancing RESP with other goals
RESP saving is one piece of a larger plan that may also include:
6. A simple starting plan
- Choose a realistic monthly amount
- Automate contributions
- Review once per year
See this with real numbers?
Explore this with a simple tool
See how RESP contributions and grants could add up using the RESP Planner.
Try the RESP Planner →