Registered education savings plan (RESP)

Plan which allows a participant to accumulate tax-sheltered amounts with a view to partially or fully funding the beneficiary’s postsecondary education costs. It should be noted that plan participants cannot deduct contributions from their taxable income. However, RESP contributions entitle participants to a Canada Education Savings Grant (CESG), subject to certain conditions. Québecers also benefit from the Québec Education Savings Incentive (QESI), subject to certain conditions. In addition, some families may benefit from the Canada Learning Bond (CLB).