RESP - REGISTERED
EDUCATION
SAVINGS PLANS

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What are RESPs?

RESPs are to education what RRSPs are for retirement. They let you put money aside for your child’s post-secondary education. In this way, you give your child the greatest gift: an opportunity to achieve a dream career.

How do RESPs work?

1. Contribute

You begin to save early by contributing to your child’s Registered Education Savings Plan (RESP) and benefiting from generous government grants.

2. Accrue

Together, your regular contributions and government grants generate returns. Your Registered Education Savings Plan (RESP) grows tax-free.

3. Reap

You get your contributions back to fund your child’s education. your child receives the grants and the total return from the registered education savings plan (resp).

The main advantages of an RESP

Accrue more thanks to government grants
Recover the money you invest at a pace that suits you
No loss if your child does not go on to post-secondary education
Opening an RESP 100% online

Do the maths!

With our calculator, find out in 3 clicks how much you will have saved for your child's education.

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Our education-savings product

More savings. More flexibility. More possibilities.

Formule souple quant aux contributions et choix de placements avantageux pour favoriser la croissance de votre épargne.

Available plans

Individual

Blood relationship or adoption with the child is not required.

Family

Possibility of designating more than one child to the plan.
Blood relationship or adoption is required.

Choice of investments

Depending on your investor profile and financial goals, you can invest in a range of attractive investments :

Segregated funds
High-interest savings account with a 100% capital guarantee

Open a My Education + RESP

Advantages

Get more thanks to government grants

To encourage education savings, the Government of Canada and some provincial governments add to the amount you contribute to your child’s RESP each year.

Combined with your regular contributions, this generous government aid, which is deposited into your RESP, goes a long way toward growing your savings.

Depending on your family income, you may be entitled to an additional grant. Your contributions, the grants, and the returns grow tax-free until withdrawal.

Federal government

Grants offered by the federal government	Canada Education Savings Grant (CESG)	Canada Learning Bond (CLB)
Annual grant (% of contributions)	20%	Limit of $2,000 per child for eligible families
Annual limit (per child)	$500
Lifetime maximum (per child)	$7,200
Additional grant (% of contributions)	10% or 20% of the first $500 invested each year

Provincial governments

Grants offered by provincial governments	Quebec Education Savings Incentive (QESI)	British Columbia Training and Education Savings Grant (BCTESG)
Annual grant (% of contributions)	10%	Single payment of $1,200 (Lifetime maximum)
Annual limit (per child)	$250
Lifetime maximum (per child)	$3,600
Additional grant (% of contributions)	10% or 20% of the first $500 invested each year

Withdraw the money at your own pace

When your child goes on to post-secondary education, you get your money back, and you do not have to pay tax on the amounts you receive.

In the meantime, your child receives the grant money and the returns earned on the entire RESP account in the form of Education Assistance Payments. Since the tax rate is generally lower for students, the amount of tax to be paid on the money received is often minimal.

No loss if your child does not use it

Open an RESP 100% online

Have you considered an RESP loan to maximize your grants?

Find out how borrowing to contribute more to your child’s Registered Education Savings Plan (RESP) can be a simple solution that pays off.

Find out more about the RESP loan

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Frequently asked questions

Who can contribute to an RESP?

What is the maximum RESP contribution?

What are the taxes or penalties associated with early or late withdrawal of RESP funds?

What is the process for withdrawing money from an RESP?

Are RESP contributions tax deductible?

What are the eligible educational institutions where I can use the money saved in an RESP?

What criteria must be met to use an RESP?

Do I need a separate RESP for each child?

Is it possible to use unused rights from previous years?

Yes. Unused contribution room can be carried forward a maximum of one year at a time.

For some grants, unused room accumulates from the time the plan is opened. This means that if no contributions are paid into an RESP in a given year, or if contributions are lower than the limit established by the government, grant room can be carried over to subsequent years for so long as the child is eligible.

Is it possible to choose the investments offered for the RESP?

Is an RESP considered an asset when calculating student financial assistance?