RESPs

A Registered Education Savings Plan is similar to an RRSP in that it uses "registered" savings to tax-defer the growth in the plan. An RESP is often used for children to save for their post-secondary education, but can be used for anyone planning to attend a qualifying program.

For children's RESPs, the governement also contributes between 20-40% (to a maximum) through the Canada Education Savings Grant (CESG). As with the RRSP, the earlier you open an RESP, the longer your savings have to grow.

While it's not crucial that you use an RESP to save for education costs, it is important to plan how and who will be covering the cost. As The Globe and Mail shows, the cost of a post-secondary degree is climbing and with inflation, it's a whopping big number.

For more information, visit:
Government of Canada Guide to RESPs

TFSAs

RRSPs