Registered Education Savings Plan

An Easy Way to Save for Your Child's Education.

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Kids to school


A Registered Education Savings Plan (RESP) is an investment plan available to parents to save for their children's post-secondary education. Parents and grandparents can contribute money any time to an RESP – up to a lifetime total of $50,000 per child.

Some benefits of investing in RESP are that any growth is tax sheltered, and withdrawals(growth) are taxed in the student’s hands, often resulting in little or no tax. RESP also has the added benefit of government contributions, such as Canada Education Savings Grant (CESG), additional Canada Education Savings Grant and Canada Learning Bond (CLB), which help to grow your savings faster. RESP has high 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 defer, you have 35 years to use the funds.