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Home > Investing > Registered Education Savings Plan (RESP)
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Plan for your children's future
With a Registered Education Savings Plan (RESP), you can set money aside for your children, money that will grow in a tax-sheltered environment until your children need it for post-secondary studies. Once they enter a post-secondary institution, that money will allow them to focus more on studies and less on part-time jobs.
RESP features
Available plans
Investment options
Start saving today - an example
Open an RESP account
Reference
RESP FEATURES
- Funds may be invested for the post-secondary education of the beneficiary or beneficiaries.
- Capital and income are tax-sheltered.
- Maximum of $50,000 per beneficiary for the duration of the plan.
- Available government grants:
- Basic Canadian Education Savings Grant (Basic CESG)
- Additional Canadian Education Savings Grant (Additional CESG)
- Canada Learning Bond (CLB)
- Alberta Centennial Education Savings Grant (ACES)
- Quebec Education Savings Incentive (QESI)
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AVAILABLE PLANS
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Individual RESP
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Family RESP
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Beneficiaries
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A single beneficiary regardless of relation to subscriber.
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One or more beneficiaries, who must be related to the subscriber by blood or adoption.
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Age limit
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No age limit.
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The beneficiaries must be under 31 years of age.
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Breakdown among beneficiaries
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Contributions, withdrawals and Educational Assistance Payments apply to a single beneficiary.
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Contributions are split by the subscriber among the beneficiaries.
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If the child does not pursue post-secondary education
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A new beneficiary may be designated.
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The other beneficiaries can split the contributions.
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INVESTMENT OPTIONS
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START SAVING TODAY - AN EXAMPLE
It's best to start investing in the years immediately following a child's birth to be able to take full advantage of government grants and to establish a solid investment strategy.
* The figures in this graph are assumptions only and are provided to illustrate the potential advantages of this product under identical conditions.
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OPEN AN RESP ACCOUNT
Step 1: Obtain a Social Insurance Number (SIN) for your child
- Contact the nearest Service Canada Centre to apply for a SIN for your child.
- The forms are on the Service Canada Web site.
Step 2: Contact us
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Reference
 26 525-002 RESP pamphlet
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