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Glossary term

RESP

Registered Education Savings Plan (Canada)

🇨🇦Canada · Tax Year 2026Reviewed Plain-English
Definition

What is RESP?

RESP is a Canadian tax-sheltered account for a child's post-secondary education. Contributions are not deductible, but the government adds 20% (up to $500/year) via the Canada Education Savings Grant (CESG). Lifetime contribution cap $50,000; lifetime CESG cap $7,200.

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