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RESP - Registered
Savings Plans

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.


Our education-savings product

More savings. More flexibility. More possibilities.

Flexible contributions and investment choices to help your savings grow.

Available plans


Blood relationship or adoption with the child is not required.


  • 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

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

Invested in your future!

Because half our new clients are newcomers to Canada, we understand your unique needs and challenges when starting a new life here. Discover our insurance and savings brochures, available in Chinese and Punjabi.

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Frequently asked questions

An individual RESP can be opened by anyone (parent, grandparent, tutor, friend, etc.) who wants to save for a child’s postsecondary education.

They must be over 18 years old, reside in Canada and have a social insurance number.

The overall contribution limit for each RESP beneficiary is $50,000. Although there is no annual limit on contributions, contributions in excess of $2,500 per year are not eligible for grants.

You can access your capital at any time, with the option to withdraw your contributions in part or in full with no tax implications.

However, if you withdraw contribution money before your child begins post-secondary studies, you must repay the government grants received on the money withdrawn. Fees may be charged for withdrawals.

A request must be made to withdraw funds from a registered education savings plan for post-secondary education. This request may be submitted as soon as the beneficiary is enrolled in the current or upcoming semester, and at the latest within 6 months following the end of the semester.

Contributions you make to an RESP are not deductible from your taxable income. However, you will receive a government grant that will increase the value of your RESP.

The RESP can be used to finance various types of full-time or part-time educational and vocational training, such as:

  • Post-secondary studies (college and university)
  • Studies in an eligible trade or business school

The money saved in an RESP can be used for living expenses such as housing, school supplies and food while at school.

The educational institution must be an accredited institution and the educational program must last a certain number of weeks, and include a certain number of hours per week.

Contact your advisor to learn more.

No. iA Financial Group offers two types of plans: individual and family. If you choose the family plan, you can add one or more beneficiaries, under certain conditions.

Ask your advisor about the different terms for each type of plan.

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.

Yes. There are several investment options available. You can select your investments based on your risk tolerance. An advisor can help you analyze your investor profile.

No. Funds saved in an RESP are not considered income when the beneficiary applies for student financial assistance.

Note that Education Assistance Payments (EAPs) are taxable and are added to your child's income. This is an advantage, because students often have a modest income and therefore pay little or no income tax.