The Savvy Parent’s Guide to RESPs.

The article provides a quick primer on Registered Education Savings Plans (RESPs) in Canada. It explains that an RESP is a long-term savings vehicle for a child's post-secondary education costs and can be set up by any adult for a child, grandchild, or even family friends. The article highlights some basic rules, such as the two types of RESPs available (Individual and Family), maximum contributions, the Canadian Government Grant (CESG), length of the plan, and what the funds can be used for. It also discusses different contribution scenarios and investment options within an RESP. The article emphasizes the importance of understanding the long-term nature of an RESP and the potential benefits of utilizing the CESG grants early. [Extracted from the article]