Definition:
A registered education savings plan, or RESP, is a special savings account that lets parents, friends or family members save money for a child's post-seondary education. RESPs are registered by the Canadian federal government and let savings grow tax-free until the person named enrolls in full or part-time post-secondary studies.
For information on the Canadian tax implications of RESPs, see the Canada Revenue Agency Registered Education Savings Plans (RESPs).
