Post-secondary education can be expensive. Save for your child’s future by contributing to a registered education savings plan (RESP). RESP is a tax-deferred investment designed to help people save for a child’s education after high school. The government also contributes to your plan with Canada Education Savings Grant payments, the Canada Learning Bond, and provincial incentives if the beneficiary is eligible.
Educational assistance payment limits from an RESP have been increased from $5,000 to $8,000 in the first 13 weeks of enrollment in a qualifying educational program for full-time studies, and from $2,500 to $4,000 for part-time studies.
Information source from Canada Revenue Agency (CRA)