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RESP
An Education Savings Plan (ESP) is a savings vehicle generally used by parents to save for their children's post-secondary education. More precisely, it is a contract between an individual (the subscriber) and a person or organization (the promoter). The subscriber makes contributions that accumulate tax-free earnings. In return the promoter agrees to use the accumulated funds to pay or to cause to be paid educational assistance payments to one or more beneficiaries designated by the subscriber. A Registered Education Savings Plan (RESP) is an ESP that has been registered with Canada Customs and Revenue Agency.
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