RESP – Registered Education Savings Plan
Save for your children’s education
An RESP is to education what an RRSP is to retirement: it allows you to build up tax-deferred savings to put toward your child’s post-secondary studies. With an RESP, you give the most precious gift there is to your child, grandchild, niece or nephew: a promising future.
A practical plan that allows you to:
- Plan for your children’s education.
- Grow your savings tax-free up to a maximum of $50,000.
- Benefit from a federal government grant equivalent to 20% of your annual contribution up to $500 per year, deposited into your RESP.
- Receive a provincial government grant if you live in Quebec or Alberta. The Quebec program offers a refundable tax credit equivalent to 10% of accrued savings, up to a maximum of $250 per year.
A flexible plan
- If your child does not pursue higher education, you can:
- Designate another child or make a donation.
- Withdraw your original contributions tax-free.
- Transfer your investment income to your RRSP under certain conditions.
Why choose an RESP with us?
We offer two advantageous education savings products:
- My Education, which gives you access to a wide range of investment funds (segregated funds and guaranteed interest funds)
- Diploma, which offers you an education bonus of up to 15% of your RESP contributions upon fulfillment of your monthly deposit commitment