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What Is an RESP?

A Registered Education Savings Plan (RESP) is a tax-sheltered savings account specifically designed to help you save for your child's higher education. With tuition fees and the cost of living rising every year, it makes sense to start saving as soon as possible and build an RESP nest egg over time. Though most RESPs are opened for children, you can also open an account for yourself or another adult.

As the subscriber, you can contribute up to $50,000 per child to an RESP over the lifetime of the plan. While contributions to an RESP are not tax deductible, savings within the plan grow tax-free until withdrawn for education purposes by the beneficiary. The savings are then taxed in the beneficiary's hands. The good news here is that, if your child is in the lowest tax bracket at the time of withdrawal, no taxes will need to be paid.

A key bonus associated with opening an RESP is the Canada Education Savings Grant (CESG). Under the CESG program, the Canadian government tops up your annual contribution by 20%, with the funds paid directly to the RESP. For each benificiary, the maximum annual grant is $500, and the maximum lifetime grant is $7,200.



Additional Information 
Benefits of an RESP
  • Up to $7,200 in Government Grants
  • Tax-Sheltered Growth
  • Flexible Investment Options
  • Tax Savings
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