RESPs AND THE POWER OF TAX-DEFERRED INCOME GROWTH.

RESP - Registered Education Savings Plan (registered under the Income Tax Act of Canada).

The first thing to understand about education savings is the concept of tax-deferred income growth.

An RESP (such as a Plan offered by Knowledge First Financial) is a government-registered savings vehicle for education. Just like with an RRSP, any income earned in an RESP is tax exempt until it is withdrawn – allowing your money to stay in the plan and grow significantly faster.