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RESPs help you set aside money for your child’s education with tax benefits and government grants.
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A Registered Education Savings Plan (RESP) is a special savings account designed to help parents save for their child’s education after high school. Your money grows tax-free, and the government can add extra funds through grants like the Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB). You can use the savings for tuition, books, or even living expenses. There are two types of plans—Individual (for one child) and Family (for multiple children).
An RESP lets parents, guardians, or other family members save for a child’s education. The money you put in grows without being taxed, and the government adds extra funds through grants like the CESG and CLB. While your own contributions can be taken out tax-free, government grants and investment earnings are taxed when withdrawn by the student. The money can be used for tuition, books, and living costs. If you have more than one child, a Family Plan lets you share the funds between them.
Lifetime contribution limit per beneficiary
across all RESP accounts.
Maximum number of years you
can contribute to an RESP.
Government matches 20% of the first $2,500 contributed annually per beneficiary.
Schedule a consultation, set up your plan, submit documents, and start saving for your child’s future.
Click on Apply Now to schedule a free consultation and discuss your RESP options.
Provide the necessary documents to open your RESP and start saving.
Tax-free withdrawals for your first home make it even easier to save.
Reach your homeownership goal faster with a lifetime contribution limit of $40,000.
Apply NowReceive a customized RESP plan based on your savings goals and financial situation.
Once approved, your RESP will be active, and you can begin contributing.
RESPs offer government grants, tax-free growth, and flexible contributions to help pay for education.
Programs like CESG and CLB add money to your RESP, growing your savings faster.
Your money grows tax-free inside the RESP until it’s used for education.
You can add money whenever you want, up to a lifetime limit of $50,000 per child.
Parents, grandparents, family members, or friends can all help by adding money.
The money can also be used for books, rent, transportation, and other school costs.
Can use RESP funds for college, university, apprenticeship & trade schools in Canada & abroad.
You can grow your savings through options like savings accounts, stocks, or bonds.
If the child doesn’t use it, funds can go to another child or be moved to an RRSP.
Any adult can open an RESP, and the child must be a Canadian resident with a Social Insurance Number (SIN).
Parents, guardians, grandparents, or family friends can open an RESP.
The child must be a Canadian resident and have a valid SIN.
Individual Plans are for one child, while Family Plans can include multiple children related by blood or adoption.
There’s no yearly limit, but the total contributions can’t exceed $50,000 per child.
Both subscriber & the child must be Canadian residents when opening the RESP.
Let's create a flexible Registered Education Savings Plan to help you retire comfortably.
Schedule A MeetingRESP funds can be invested in savings accounts, stocks, bonds, or mutual funds to increase your returns.
RESPs offer different ways to grow your money. You can invest in mutual funds, stocks, bonds, ETFs, and GICs, depending on how much risk you’re comfortable with. Some RESPs also offer high-interest savings accounts for safer, steady growth. The money grows tax-free until it’s needed for education. Choosing the right mix of investments can help balance risk and growth, ensuring stable savings for your child’s future.
Plan your contributions wisely to get full government grants and avoid over-contribution penalties.
The total you can contribute per child is $50,000, with no yearly limit.
Contributing $2,500 a year helps you get the full $500 CESG match annually.
You can add money for up to 31 years, and the RESP can stay open for 35 years.
If you exceed the $50,000 limit, the extra amount is taxed at 1% per month until withdrawn.
There’s no requirement to contribute every year, and you can still get CLB without contributing.
Withdraw original contributions tax-free, while grants and earnings are taxed when used for education. RESP withdrawals are split into Post-Secondary Education (PSE) Withdrawals and Educational Assistance Payments (EAPs). PSE withdrawals allow you to withdraw your original contributions tax-free, while EAPs, which include government grants and investment earnings, are taxed when withdrawn by the student.
Your own contributions can be withdrawn without any taxes.
Grants and earnings are taxed, but students usually pay little or no tax.
Full-time students can withdraw up to $8,000, part-time students up to $4,000 in the first 13 weeks.
If the student doesn’t continue school, government grants must be returned, and investment earnings may be taxed.
If eligible, up to $50,000 in RESP earnings can be moved to an RRSP.
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Find clear and simple answers to help you understand how an RESP works and how to make the most of it.
