The Canadian Capitalist – who also runs a personal finance blog – has written a fantastic summary of the up-to-date (for 2007) RESP rules along with a general description of how RESPs work. RESPs are Registered Education Savings Plans – a tax-sheltered account that is designed to assist in the accumulation of funds for your children’s future education costs. There are some unique rules and perks associated with these accounts – so you’ll want to read up on this for sure.
If you are interested in learning more about RESPs – this is a great post to start with. Many thanks to Canadian Capitalist – I subscribe to his RSS feed and read his blog daily.