As it is almost time to go back to school there are many parents, grandparents and other family members that may be recognizing the high costs of education. The Registered Education Savings plan (RESP) has become a very popular way to save well in advance for this large expenses. With the RESP, Not only is the tax on the income accumulating in the plan deferred until funds are paid out, the federal government will also contribute to the plan through providing the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB), which may be available to modest-income families. The article below discusses setting up an RESP, contribution limits, types of plans, government incentives and RESP savings strategies that may be applicable to you..
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