RESPs (REGISTERED EDUCATION SAVINGS PLANS) Set up this special savings account to help a child save money for post-secondary education. It can be opened by a parent or a grandparent, as long as the child already has a Social Insurance Number.

• The government will give a basic grant of 20% on the money deposited each calendar year, on the first $2,500.
• The government also has additional grants and Learning Bonds which are available for families with certain incomes. A child may even receive a grant of $500 from the government with an initial deposit of $0.00.