Key Takeaways

• A Registered Education Savings Plan (RESP) offers tax-free investment growth and government grants to help fund higher education.
• The Canada Education Savings Grant (CESG) adds 20% to annual contributions, up to $500 per year and $7,200 lifetime per child.
• Families can choose individual or family RESPs, depending on the number of beneficiaries and education goals.
• Automatic contributions and diversified investments help maintain consistent growth over time through compound interest.
• RESPs remain flexible even if a child doesn’t attend post-secondary school, with transfer options to an RRSP or extended timelines.