RESP stands for Registered Education Savings Plan, and this is also one of the great tools to save on taxes. Through this plan you can make provisions for your children to get the appropriate financial resources for their post-secondary education. With the cost of higher education rising drastically, this can be a great instrument to secure the future of your child. Additionally, you also get access to the various government grants and tax deferment opportunities (the tax payment can be delayed, and, in the meantime, you can use the money saved to grow your income or business).
