A Registered Educations Savings Plan (RESP) is a tax-deferred investment plan designed to assist you in saving for your child's or grandchild's post-secondary education. Unlike an RRSP, your contributions to the plan can't be used to reduce earned income for tax purposes; they are, however, allowed to grow on a tax-deferred basis within the plan. The earnings are taxable in the hands of the beneficiary (the student, who's usually in a lower tax bracket) when withdrawn.

Quick facts:

• You can contribute up to $4,000 per year per child, to a lifetime maximum of $42,000 per child
• Canada Education Savings Grant money is available - up to $7,200 per child
• You can access your principal at any time, tax-free

Ask your Dundee 'Blue-Chip' expert how an RESP can play a key role in your family's comprehensive investment plan.