RESPs are education savings plans that are registered with the CRA and attract government grants until the end of the year the child turns 17. Savings in an RESP grow tax-free; only earnings or the income earned in the RESP is taxed to the beneficiary at the time of withdrawal. Contributions are not tax deductible. An RESP’s earnings and grants can only be used for educational purposes. A TFSA is a tax-free savings account. Income earned inside a TFSA is not taxed, and what you contribute to the account is not tax deductible. Taking money out of a TFSA has no tax consequences. However, TFSAs are not eligible for education-related government grants. A RRSP is a retirement savings plan that’s also registered with the CRA. Earnings grow tax free, and RRSP contributions are tax deductible, but the funds are taxed to the account holder when they are withdrawn. Any funds withdrawn from a RRSP will attract withholding taxes and be charged at the current tax rate. There is no special treatment to fund education. RRSP are not eligible for education-related government grants.