Registered Education Savings Plan
Registered Education Savings Plan
Benefits of an RESP
Open an RESP for no charge and pay no annual administration fees
Tax Sheltered Growth
Earnings within an RESP are not taxed. When the funds are taken out for education, withdrawals are taxed in the student’s hands, often resulting in little or no tax.
Get Government Contributions
Grow your savings faster with the Canada Education Savings Grant (CESG), Canada Learning Bond (CLB), and other government incentives. See RESP Grants and Bonds.
Built-In Flexibility
If the child doesn’t pursue post-secondary education, you may be able to choose a new beneficiary. Or, if he or she wants to travel first, you have 35 years to use the funds.
How to Grow Your RESP Savings Faster
Invest Regularly
See how contributing $50 per week in an RESP adds up quickly when supplemented by the federal and provincial incentives.
Automate Your Savings
With a regular, pre-authorized contribution plan you save without even thinking about it!
- Start with as little as $50 per week
- Contribute weekly, bi-weekly, monthly—you choose
- Set it and forget it—contributions are automatically debited from your bank account (change, pause or stop at any time)
Make the Most of Your RESP Options
“Did you know, there’s more than one kind of RESP?”
Fees, Contribution Rules, & More
- RESP Rules and Contribution Limits
To take advantage of the benefits of an RESP, there are a few rules you’ll want to know about.
- RESP Grants and Bonds
Discover the various government incentives and supplements that are available with RESPs.
- RESP Fees
There could be some management fees depending on the RESP plan.
Need RESP answers now?
Call +1 438 701 3770 to speak to our advisors right away, or book some time with them.
+1 855 410 9006 (Toll-Free for Outside Canada)
RESP FAQs
Explore top RESP questions.
There is no charge to open an RESP account
You can contribute any amount to an RESP, subject to a lifetime limit of $50,000 per beneficiary. You can contribute to an RESP for up to 31 years, and the plan can remain open for a maximum of 35 years.
Yes! An RESP Gift Cheque can be used to invest in a child’s future. RESP Gift Cheques can be deposited into new or existing RESP accounts.
Once an RESP beneficiary is enrolled in a qualifying post-secondary education or training program, the accumulated income, grants and bonds within the RESP can be paid out to the student as an Educational Assistance Payment (EAP) at the discretion of the subscriber (person who opened the RESP).
An RESP beneficiary must claim all Educational Assistance Payments (EAPs)—as income on his or her tax return in the year that they are received. Usually, this results in little or no tax since students tend to be in the lowest tax bracket and can claim tax credits for the personal amount and education-related expenses. Contributions can be withdrawn tax-free.
An RESP can hold a variety of investments, including Guaranteed Investment Certificates (GICs), ETFs, Index Funds, Segregated funds, portfolio solutions and savings deposits. You can also hold bonds.
You can contribute to an existing RESP account online through Online Client Portal or the Mobile app.
You can contact our advisors for instructions.Best RESP plans in Canada