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What is a RESP?

> A RESP is a Registered Education Savings Plan

> The government will contribute 20% of your contributions up to $2500 (max $500

   government contribution)

> The contributions are collective value of everyone contributing to the child's funds

   (parents, aunts & uncles, etc)

> If a RESP is cancelled and not used, the government contributions must be repaid

> Care should be taken that you open a self managed RESP and not a group or

   scholarship fund. The management fees are high and you cannot modify your

   contribution amount