RESP Loans

Borrowing to maximize your registered education savings plan (RESP) contributions allows you to save the funds required to pay for your child’s education and to take full advantage of government grant programs.

Why take out an RESP loan?

  • You can increase your contributions without having to modify your budget
  • You benefit from a higher yield thanks to government grants equal to 20% (30% in Quebec) of your annual RESP contributions
  • You can carry forward any unused grant amounts.
  • You maximize the Canada Savings Grant contribution, in particular if your child is 12 years of age or older and is about to start high school

The advantages of taking out an RESP loan with us

  • You can pay off your loan at any time
  • Competitive interest rates
  • Loan approval without a credit check

RESP loan interest rate

3.95% The annual interest rate varies in accordance with the Royal Bank of Canada’s prime rate (3.20%), plus an adjustment (0.75%).

Effective interest rate

The effective interest rate is determined on the assumption that the annual interest rate remains unchanged and that the monthly interest has not been completely repaid at the end of each period. Currently, it is set at 4.02%.

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