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The registered education savings plan allows you to put money aside for your childrenamp;#39;s education as well as that of your grandchildren, nephews, nieces or god-children. You can also choose between two types of plans: the individual plan or the family plan. How does the RESP work? First, you contribute. By saving early in your childrenamp;#39;s RESP, you take advantage of generous government grants. Then, you accumulate. Your regular contributions and the grants generate interest. Did you know your RESP grows tax-free? Finally, you benefit. When your children begin post-secondary education, you recover your contributions to pay for their education. They will receive the grants and interest generated in the RESP. When you develop good saving habits and contribute to your childrenamp;#39;s RESP when they are young, you are giving them access to a larger amount when starting post-secondary education. The RESP is for everyone. Contribute as little as twenty five dollars a month t
