Registered Education Savings Plan is a government aided savings plan in which parents start saving for their children's future education very early. It is not a news that education comes very expensive now and higher education has more monetary hurdlers than lower education now a days. This has become a habit for us to take loans at high interest rates for the education. This extra cost can be avoided if we all choose for a RESP account instead of a loan.
Government has made this plan tax free. this means government will not be charging any kind of tax on the money which is deposited in a RESP account. It is also appreciated that RESP account system is designed in such a way that any family member can contribute to a child's future education. There any many more technical benefits of this account are discussed in detail in our site.
Today's generation is a scientist's generation as 70% of educated youth tends more towards science. Is is also not hidden that science education is not cheap and in order to afford such kind of higher education, one has to start saving from very early. RESP is the rescue in this situation.