Does an RESP take away contribution room from an RRSP?
RESPs and RRSPs offer different ways of saving for two different purposes. A Registered Education Savings Plan (RESP) is a dedicated savings plan to help you save for a child’s education after high school whereas a Registered Retirement Savings Plan (RRSP), also a savings plan registered with the federal government, is used to save for retirement. These two savings plans are independent of each other.
Visit the RESP hub and RRSP hub on GetSmarterAboutMoney.ca to learn more about these and other ways to save. Speak with a registered financial representative for further advice.