RESP &RRSP

An RESP is a tax-sheltered plan that helps a child's post secondary education faster.

Benefits of RESP 

1. Earnings within the RESP are not taxed 
2. Get Govt contributions 
3. Get RESP grants
4. You can choose a new beneficiary at any time 

 An RRSP is a retirement savings plan that you registered with the Canadian federal government that you can contribute for retirement purposes. 

Benefits of RRSP

1. Contributions are deductible for income tax purpose (tax-advantaged)
2. An Investment income earned from the investments held within the RRSP can grow tax deferred, as long as the money remains within the RRSP, until withdrawn.
3. Unused contributions roll over
4. You can withdraw early to buy a house or go back to school without triggering tax
5. Spousal RRSPs split shared income