What is resp?
Also known as: Registered Education Savings Plan
Definition
Educational information only. Last reviewed August 25, 2026.
How it works in Canada
Contributions are not deductible and there is a lifetime contribution limit per beneficiary. Grants and investment growth are paid out as Educational Assistance Payments, which are taxable to the student, who typically has low income and tuition credits.
Example
A family contributing $2,500 annually may receive the basic Canada Education Savings Grant on that amount, subject to current federal limits.
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Written and reviewed by CanadaGFI.ca Editorial Team
Licensed insurance and financial professionals contributing to CanadaGFI.ca
Published and last reviewed August 25, 2026. Read our editorial policy and disclosures.
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