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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. Save up to a maximum of $50,000.

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Benefits of an RESP

 

 

Tax-free earnings – RESP earnings grow tax-free until the beneficiary withdraws them for education.

Lower taxes – Contributions are tax deductible, so investing in an RESP will reduce your annual income tax. Then, as the beneficiary begins higher education, they will typically be in a low tax bracket and will pay a lower tax rate on earnings.

Deposit insurance – Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Learn more

 

 

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. 

 

 
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No matter your plans for higher education, we can answer your questions and help you prepare for your children's futures. 

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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.