A Registered Education Savings Plan (RESP) is a special savings account that you can use to save and grow your money for your child's education. You can put your own money in and the Government of Canada and some provinces will also give you money to add to the account. You don't have to be the child's parent; family members and friends can also put money into an RESP.

While there are different types of RESPs, all of the accounts at banks and credit unions allow your child to receive free money from the Government through two types of benefits:

• The Canada Learning Bond (CLB)
• The Canada Education Savings Grant (CESG)

Some common words that are used when talking about RESPs are:

• Post-Secondary Education (PSE): This refers to education after high school and includes College, University, Trade School, or an Apprenticeship Program.
  
• Beneficiary: The child who will be using the money for their future education.
  
• Subscriber: The person who is signing up for the RESP account. This can be anyone who knows the child!
  
• RESP Provider: The bank, credit union, insurance company or scholarship trust (also known as a Group Plan) that you use to open your RESP account. We recommend making an appointment at a bank or credit union that you are already using.
  
• Contribution: Your own money that you put into the account.

The features of an RESP depend on the provider. Here are some of the main differences:

Click here to begin learning about different types of RESPs you can get from a bank.