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An RESP Can Help Kids in Life and Learning
More than just a savings vehicle, an RESP is a tool you can use to help your kids develop positive attitudes and behaviors in key areas, including personal finances and higher education.*
Support your kids in life and learning
By starting to save at a young age, children gain early exposure to the basic tenants of financial literacy—such as the sooner you begin saving, the better, and your deposits will grow over time.

The act of participating in an education savings plan has other benefits too. If your child knows that you’re actively saving for his or her post secondary education, this can instill greater academic motivation, resulting in higher educational aspirations, improved value placed on education and enhanced self-esteem.

The question then becomes, which post secondary institution would you like to attend after high school? Rather than, will you go on to pursue post secondary education?
 
  Why saving for education matters*
 
How RESPs Work
The Registered Education Savings Plan (RESP) combines tax-deferred investment growth and government grants to help you save for your child's post-secondary schooling. RESPs are highly flexible and allow you to fund many different educational journeys, including university, college, trade school, CEGEP (Quebec) and apprenticeship programs.

A huge advantage to saving through an RESP is the Canada Education Savings Grant (CESG), a federal government program that helps you save faster.
Anticipated changes in student's attitude and behaviours from education savings
Financial:
  • More informed about costs
  • Improved financial literacy
  • Better financial management (incl. budgeting)
Educational:
  • Higher education aspirations
  • Increased value placed on education
  • Improved academic focus and achievement
  • Improved self-esteem
 
More information
* Andrew Parkin, “Family savings for post-secondary education - A Summary of Research on the Importance and Impact of Post-Secondary Education Savings Incentive Programs.” The Omega Foundation. November 2016.
 
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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Useful Tools and Information

 
Open an RESP Account 
No annual administration fees
$100 towards transfer costs


Learn more