Choosing the Best Type of RESP

Types of RESPAre Individual RESPs Your Best Options?

A Registered Education Savings Plan (RESP) is the best way to help save for a child’s post-secondary education. Through an RESP you can contribute $2,500 annually, up to a maximum of $50,000. On top of that, the Canadian government will match 20% of any RESP contributions until the recipient turns 17 years old. The lifetime maximum of the CESG is $7,200. Best of all, anyone can open an RESP for a child—parents, grandparents, other family members, and friends.
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