Let’s start with the most basic of basics: the actual RESP itself. What does it stand for? Well, RESP stands for Registered Education Savings Plan, and this is the account you open for your child as a “college fund”. It’s also one of the best ways to save for their futures, so don’t be scared to do more research or open one! There are some rules and regulations, but basically anyone under the age of 17 can have an account like that, and it has tons of benefits. Agencies provide enough information for parents and families.