An RESP is an Education Savings Plan registered under Canada's Income Tax Act, which is established for the purpose of providing tax-sheltered financial assistance to a Beneficiary (usually a child) when he or she pursues a post-secondary education. Income on savings within an RESP grows tax-sheltered until the child is ready for a post-secondary education.

At maturity the earnings in the RESP are taxed in the hands of the student, who typically pays little to no tax. In addition, RESPs may qualify for various government incentives that help parents save for a child's post-secondary education.