Individual Wealth Management
Registered Education Savings Plan | RESP
A Registered Education Savings Plan (RESP) is a tax-advantaged account that helps you save for a child’s post-secondary education, with added benefits like government grants to boost your contributions.
Why Get A RESP?
Registered Education Savings Plan
An RESP is a smart way to save for a child’s future education—boosted by government grants and tax-deferred growth. It offers flexibility to cover a wide range of educational paths and related expenses, helping reduce the financial burden when it’s time to learn and grow.
How does it work?
Personalized Accounts
RESP savings can be used for a wide range of post secondary programs, including university, college, trade schools, and apprenticeships.
Family Support
Funds can also help cover education-related expenses like tuition, books, rent, and transportation - making it a flexible way to support a student’s future.
Simple Plans
An RESP helps you save for a child’s education with government grants and tax-deferred growth, making it easier to fund future tuition and expenses
Personalized Accounts
RESP savings can be used for a wide range of post secondary programs, including university, college, trade schools, and apprenticeships.
Family Support
Funds can also help cover education-related expenses like tuition, books, rent, and transportation - making it a flexible way to support a student’s future.
How does it work?
Simple Plans
An RESP helps you save for a child’s education with government grants and tax-deferred growth, making it easier to fund future tuition and expenses
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Do you qualify for a RESP?
Discover if you qualify for an RESP and how it can help you save for your child’s education while benefiting from government grants. Learn the key eligibility rules and benefits so you can maximize contributions and grow savings tax-free.
You want to maximize government grants:
If you plan to contribute toward a child’s future education, you may qualify for valuable government incentives like the Canada Education Savings Grant (CESG), which matches 20% of annual contributions up to $500 per year (to a lifetime maximum of $7,200 per child). Additional grants may also be available depending on household income. An RESP allows you to grow savings faster with government support.
You have a child under 18 with an SIN:
An RESP can be opened for any child who has a valid Social Insurance Number (SIN) and is a Canadian resident. Parents, grandparents, guardians, even family friends can contribute. If you’re looking to start saving early and give a child a head start on post-secondary education, you qualify.
You’re in a higher tax bracket than when you want to withdraw money
An RESP is designed for families who expect a child to pursue education after high school, including university, college, trade school, apprenticeships, or other qualifying programs
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Do you qualify for a RESP?
Discover if you qualify for an RESP and how it can help you save for your child’s education while benefiting from government grants. Learn the key eligibility rules and benefits so you can maximize contributions and grow savings tax-free.
You want flexibility, growth and shared planning options:
RRSPs offer more than just retirement savings, they provide flexible features like the Home Buyers’ Plan and Lifelong Learning Plan, allowing you to borrow from your savings for major life goals like purchasing a home or furthering your education. Your investments grow tax-deferred, helping your money compound faster over time. Plus, with a Spousal RRSP, you can split retirement income with your partner to lower your overall burden in the future.
You want to lower your taxable income now.
If you’re earning a steady or high income, contributing to an RRSP can reduce your taxable income and potentially lead to a significant tax refund.
You’re in a higher tax bracket than when you want to withdraw money
Not sure if RESP fits your goals?
RESP works best for families saving for a child’s post-secondary education. If you’re planning to contribute regularly and want to take advantage of government grants, an RESP can help your savings grow tax-free. Still not sure if an RESP is right for you? Talk to an advisory for personalized advice today!
Tax-Deferred Growth
Investment earnings within an RESP grow tax-free until withdrawal, allowing your savings to compound more effectively.
Helpful RESP
Facts to Know!
Helpful facts to know about RESPs and saving for education. This section covers important points to be aware of when setting one up.
Governments Grants
The Canada Education Savings Grant (CESG) matches 20% of your annual contributions up to $500 per year, to a lifetime maximum of $7,200 per child.
Tax - Efficient Withdrawals
When funds are withdrawn for education, the earnings and grants are taxed in the student’s name, typically at a much lower tax rate.
Tax - Deferred Growth
Investment earnings within an RESP grow tax-free until withdrawal, allowing your savings to compound more effectively.
Helpful RESP
Facts to Know!
Helpful facts to know about RESPs and saving for education. This section covers important points to be aware of when setting one up.
Governments Grants
The Canada Education Savings Grant (CESG) matches 20% of your annual contributions up to $500 per year, to a lifetime maximum of $7,200 per child.
Tax - Efficient Withdrawals
When funds are withdrawn for education, the earnings and grants are taxed in the student’s name, typically at a much lower tax rate.
RESP Contributions
You can contribute up to a lifetime limit of $50,000 per beneficiary. Contributions are not tax-deductible, and unused contribution room carries forward.
18%
$50 000
Of Your
earned
income
per beneficiary
RESP Withdrawals
Withdrawals for your child’s education include tax-free contributions and taxable earnings and government grants.
RESP Contributions
You can contribute up to a lifetime limit of $50,000 per beneficiary. Contributions are not tax-deductible, and unused contribution room carries forward.
18%
Of Your
earned
income
per beneficiary
$50,000
RESP Withdrawals
Withdrawals for your child’s education include tax-free contributions and taxable earnings and government grants.
Frequently Asked Questions
Some common
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