The RESP (Registered Education Savings Plan) is a smart savings tool designed to help parents in Canada fund their child’s future education. Think of it like a long-term gift: you contribute money regularly, and the government chips in with grants — all while your savings grow tax-free.
Opening an RESP in Canada is easier than most people think. Whether you’re a parent, grandparent, or close family friend, you can open one at your bank or credit union. It’s a powerful way to prepare for rising education costs without carrying the burden alone.
Here’s why people in Canada choose RESP:
Tax-Free Growth: Your savings grow without being taxed, as long as the money is used for education.
Government Grants: Children under 18 may qualify for the Canada Education Savings Grant (CESG) and even the Canada Learning Bond (CLB) if eligible.
Lifetime Contribution Room: You can contribute up to $50,000 per child — no annual cap, just don’t go over the limit.
Multiple Contributors Allowed: Parents, guardians, aunts, uncles — anyone can contribute.
Investment Flexibility: Choose mutual funds, GICs, ETFs, or low-risk bonds — whatever suits your comfort zone.
Withdrawals Are Simple: Once your child heads to college or university, funds can be withdrawn to cover tuition, books, or even housing.
Heads-up: If the beneficiary doesn’t pursue post-secondary education, some grants might have to be returned.
Start with what you can — even $25/month makes a difference. The earlier you begin, the more time your money has to grow and collect government incentives.
The Canada Education Savings Grant matches 20% of your annual contributions (up to $500/year per child). Low-income families may qualify for the Canada Learning Bond, which doesn’t even require you to contribute to get the money.
Your RESP investments grow without tax deductions every year — meaning more money in the future.
When your child enrols in a qualifying college or university, you can start withdrawing the funds. They’ll use it for tuition, books, supplies, or accommodation. Even if they study abroad, many international schools are eligible too.
You don’t need to have it all figured out today. Just take the first step.
📞 Talk to one of our advisors or
📩 Fill out the form to find out how much you’ll need based on your goals, budget, and timeline.
