IS GRP AN RESP?
- FAIRCHOICE Mortgage Co.
No. It is not. An RESP (Registered Education Savings Plan) is a government program whereby the government, through the CESG (Canada Education Savings Grant), will match 20% of any RESP contributions, to a maximum of $500 per child each year.
The maximum lifetime CESG grant amount for each child (including additional grants) is $7,200.
While an RESP provides a government grant, is does have certain restrictions on the use of funds since it is only for education.
A GRP is your private plan which is designed to last for the rest of the child’s life, and on to the next generation. It can provide for education anywhere in the world, or fund any need the parent or child may have.