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RESPs Uncovered: Everything Parents Need to Know for Education Savings
Registered Education Savings Plans (RESPs) are a popular tool for Canadian parents looking to save for their children's post-secondary education. These tax-advantaged accounts offer numerous benefits and incentives to help families save and invest for their children's future educational expenses. In this comprehensive guide, we'll All About RESPs: What You Need to Know, from how they work to the various investment options available. Understanding RESPs Registered Education Savings Plans (RESPs) are government-approved savings vehicles designed to help Canadian families save for their children's post-secondary education. These plans offer tax-deferred growth and access to government grants to boost savings. Key Features of RESPs Tax-deferred growth: Investment earnings within an RESP grow tax-free until withdrawn. Government grants: The Canadian government provides incentives, such as the Canada Education Savings Grant (CESG), to match…