Registered Education Savings Plan (RESP)

It’s never too early to start saving for your child’s post-secondary education. We can help.

What is a Registered Education Savings Plan (RESP)?

Registered Education Savings Plan is a special tax-sheltered savings account that allows you to save for a child’s post-secondary education.

Anyone can open a RESP for a child—parents, guardians, grandparents, other relatives, or friends. Your child can take money out of the RESP when they enrol in university, college or another qualifying education program.

If you save for a child 17 or under, the federal government puts money into the RESP through grants available.

Government Grants & Programs for RESPs

The Canadian Government has programs and grants available that will help you save for your child’s education faster.

Canada Learning Bond (CLB)

The CLB was designed to support lower income Canadians wanting to save for a child’s education. Qualifying families will receive $500 initially for opening the RESP without needing to make any contribution. Your child may also qualify for an additional $100 annually up to the age of 15. That could result in an additional $1,500 for an RESP.

The amount of funding received depends on the number of children in the family and net family income. To learn more about this program and eligibility rules, please visit the Government of Canada’s CLB website.

Canada Education Savings Grant (CESG)

Through the CESG, the federal government will match 20% of funds contributed to the RESP of an eligible child. They can contribute a maximum of $500 each year and a lifetime amount of $7,200. This base amount of 20% matching is not dependent on income. However, those from mid to lower income families may qualify to receive higher matching amounts of up to 40%.

A contribution must be made to the RESP for a child to get the CESG. To learn more about this grant, please visit the CESG website.