Registered Education Savings Plan (RESP)

A Registered Education Savings Plan (RESP) is a savings account that is registered by the Government of Canada and allows money deposited for postsecondary education to grow tax-free until the person named as beneficiary enrols in postsecondary studies after high school. Withdrawals from RESPs may be Educational Assistance Payments (EAP) and Refunds of Contribution (ROC). A student can receive funding from an RESP through the EAP (amount cashed in or withdrawn for the student) and the ROC (amount withdrawn by RESP contributor such as a parent), which can be forwarded to the student. When entering income from a RESP on your OSAP application, enter only the EAP amount you have received or will receive for this study period even if you receive it before the start of the study period.