Save for their future with an RESP
A Registered Education Savings Plan (RESP) is a tax-sheltered government plan designed to help you save for a child’s post-secondary education. Whether your own child, a grandchild or the child of a friend, an RESP can help prepare them for higher education.
Save up to a maximum of $50,000. Insurable deposits in registered accounts have unlimited deposit insurance coverage.
Benefits of an RESP
Earn interest – RESP earnings grow tax-free until the beneficiary withdraws them for education.
Lower your tax – Contributions are tax deductible, so investing in an RESP will reduce your annual income tax.
Lower tax rate when withdrawn – As the beneficiary begins higher education, they will typically be in a low tax bracket and will therefore pay a lower tax rate on earnings.
Anyone can contribute – You can helpful safeguard the future education for any young person in your life – be it a niece, nephew, child of a friend, or your own child.
Invest what you can – Even small automated payments from your chequing account will add up to a substantial contribution over time, with no stress.
Benefit from the Canada Education Savings Grant – The federal government will contribute up to a lifetime maximum of $7,200 to your child's plan.
Have questions?
No matter your plans for higher education, we can answer all of your questions and help you prepare for your children's futures.
How much will I save?
Use our RESP calculator to estimate how much you should set aside before the child starts school, and how government grants will help your savings.