Introduction

One of the most common financial planning goals is to help a child with the ever-increasing cost of post-secondary education. A Registered Education Savings Plan (RESP) is a special savings account that can help you, your family or your friends save for your child’s education.

RESPs are registered by the Government of Canada so that savings for education can grow taxfree.

Table of Contents

1. What is a Registered Education Savings Plan?
2. Why should I Open an RESP?
3. Who Can Open An RESP?
4. Where Can I Open An RESP?
5. What Do I Need To Open An RESP?
6. Is There A Minimum Amount of Money I Need To Put In An RESP?
7. How Much Money Can I Put Into An RESP?
8. How Often Do I Have to Put Money Into An RESP?
9. Can I open an RESP for myself?
10. Which Is The Right RESP For Me?
11. Group Scholarship Trusts are Again Taken to Task
12. Service Fees
13. How Do I Decide What To Do With The Money I Put In An RESP?
14. Do I Pay Tax When I Take Money Out Of An RESP?
15. What Canada Education Savings Grant (CESG)?
16. What Is The Canada Learning Bond (CLB)?
17. How Soon Can The Person Named In The Plan Start Using The Money?
18. What Is A Qualified Educational Program?
19. Can RESP Funds Be Used For Students Going To School Part-time?
20. What Happens To The RESP If My Child Does Not Continue Education After High School?
21. If I Withdraw The Money Before My Child Pursues Education After High School, Will I Have To Pay Taxes?
22. What Happens To The Government of Canada Grants If My Child Decides Not to Continue Education After High School?
23. Is There A Time Limit For Using The RESP?
24. A CHECKLIST BEFORE YOU OPEN AN RESP
25. How Much Will Higher Education Cost?
26. What Is The Tuition Cost Per Province?

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