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Registered Education Savings Plan | RESP

A Registered Education Savings Plan is a special savings plan in which money grows tax-free until it is withdrawn for post-secondary education. A subscriber, such as a parent, aunt, uncle or grandparent makes contributions on behalf of one or more beneficiaries (a child) named in the plan.

RESP Benefits

Starting an RESP today allows you to save immediately for a child’s future post-secondary education. If you’re wondering how much to save and when to start, the answer is: save as much as you can afford and start today. By starting early, tax-sheltered earnings on your savings can grow surprisingly quickly.

In addition, the Government of Canada will help you with saving incentives that are only available if you have an RESP, including the Canada Education Savings Grant and the Canada Learning Bond. That means free money towards your child’s education savings (in a RESP).

RESP - Getting Started:

The Government of Canada will add money to your child's savings when you open a Registered Education Savings Plan (RESP) account. The Canada Education Savings Grant could add 20 to 40 cents to every dollar you save. To get the most from your RESP you should start saving early!

Can't afford to save for your baby or toddler right now? If your family income is less than $36,378, the Canada Learning Bond will get you started by depositing $500 when you open your child's RESP account.

Growing Your Money

Ask your RESP provider about your investment choices. Some providers offer a variety of investment choices while others have a set investment plan. Remember to take your time before you decide. Ask questions, and learn about the advantages and the risks of every decision.

Types of RESPs

Our carriers offer two types of RESPs: family and individual RESPs

A family plan, which may be right for you if:

  • You want more than one child to be able to use the money
  • The child is related to you.

An individual plan, which may be a good choice if:

  • You want to save for a child who is not related to you
  • There is only on child that you wish to be able to use to money

For more information, contact an Independent Advisor to assist you in developing an educational savings plan to suit your specific needs.