Group Registered Education Savings Plan
A Registered Education Savings Plan (RESP) that works on a “pooling” principle, where a subscriber’s contributions are pooled with those of other subscribers in order to maximize return on investments. However, if a subscriber drops out of the plan or a beneficiary does not pursue post-secondary studies, the earnings are distributed among the remaining beneficiaries.
(Adapted from http://www.moneysense.ca)