Registered Education Savings Plan (RESP)

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What is an RESP | The benefits | How to contribute | FAQ

What is a Registered Education Savings Plan (RESP)?

An RESP is a registered savings plan that helps you set money aside for your children’s post-secondary education. Contributions are tax-sheltered and are topped up by different government grants such as the Canadian grant for Education savings (CESG), which can add between 20% to 40% to your contributions.

To open an RESP, you must be at least 18 years old. The beneficiary can be your child, grandchild, or another eligible relative.

The benefits of an RESP

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Multiple government grants

Through the Canada Education Savings Grant (CESG), the federal government adds 20% to annual contributions, up to $500 per child. In Quebec, the Quebec Education Savings Incentive (QESI) provides an additional 10% match. Low-income families may also be eligible for the Canada Learning Bond (CLB), which offers up to $2,000 in contributions.

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Tax-sheltered growth

An RESP allows your savings to grow tax-free, helping you build more capital for post-secondary education.

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Flexible contributions

With no required annual minimum, you can contribute to an RESP at your own pace. Contributions grow tax-free until withdrawal, with a lifetime limit of $50,000 per beneficiary.

What you could earn

When the beneficiary turns 18, the RESP could be worth $62,891.

This illustration estimates the accumulated value as of December 31 of the beneficiary’s 17th year for an RESP opened at birth, with annual contributions of $2,500 and the maximum available government grant limit reached.

*Calculation based on a 2.7% rate of return with a moderate profile. Data provided as an example for Quebec only.

How do I open and contribute to an RESP?

To open a Registered Education Savings Plan, make an appointment with one of our advisors. Make sure you have on hand:

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A valid ID

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The Social Insurance Number (SIN) of each party (subscriber + beneficiary)

Want to open an RESP?

Make an appointment with one of our advisors to discuss it.

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Already have an account?

Simply sign in to contribute to your RESP.

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All your questions about RESPs

The grants you can receive depend on factors such as your province of residence, net family income, and the age of your child. For full details, visit the Government of Canada website. We’ll also handle all grant applications on your behalf, making the process simple for you.

Contributing $2,500 each year allows you to receive the maximum government grants available.

As the subscriber, you have several options: you can change the beneficiary, withdraw your contributions without tax consequences (grants must be repaid to the government), or close the plan. Our advisors can help you choose the best solution for your situation.

Yes, under certain conditions. For more details, visit the Government of Canada website.

There are two types of withdrawals:

Contributions

These belong to the subscriber and can be withdrawn without penalty once proof of enrollment is provided.

Education Assistance Payments (EAPs)

EAPs include the grants and investment income accumulated in the RESP. These withdrawals are taxable in the hands of the beneficiary (the student). Full-time students can withdraw up to $8,000 in EAPs during their first 13 weeks of enrollment, while part-time students can withdraw up to $4,000.

See the list of documents required for an RESP withdrawal.

Other tax-sheltered accounts and savings plans

Saving for your children's education is great, but that doesn't stop you from saving for your other projects! Check out some of our other available accounts and savings plans.

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TFSA

Protect your gains from taxes and access your funds at any time.

Discover the TFSA

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RRSP

Save and you could reduce your taxable income in the year you contribute.

Discover the RRSP

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FHSA

Save for your first home with the FHSA, a tax-free savings account.

Discover the FHSA

It's time to take action

Make an appointment

Talk to one of our advisors about opening an RESP.

Make an appointment

1-888-270-3941

Monday to Thursday, 8 a.m. to 6 p.m. (ET) 
Friday, 8 a.m. to 5 p.m. (ET)

Find answers to your questions in our Help centre

Little details that matter

  Individual RESP
 Family RESP
Beneficiaries
 One beneficiary, does not need to be related to the subscriber
 One or more beneficiaries, related to the subscriber by blood or adoption
Age limit
 No age limit
 Beneficiaries must be under 31 years old
Distribution between beneficiaries
 Contributions, withdrawals and financial aid are paid to a single beneficiary
 Contributions are distributed between beneficiaries by the subscriber
If the beneficiary decides not to pursue their studies
 A new beneficiary can be designated
 Other beneficiaries can use the contributions

The beneficiary receives Educational Assistance Payments (EAPs) based on the subscriber's instructions. 1 The maximum amount of EAPs that can be paid before end of the first term of full-time studies (usually a period of 13 consecutive weeks) is $8,000. 2 For part-time studies, the amount is $4,000. After that time, if the beneficiary needs to cash in all of the investment income and grants during the same year to cover tuition and expenses, the full amount can be withdrawn.

If the beneficiary does not pursue postsecondary studies and no other beneficiary is named, grants will be returned to the government and contributions will be refunded to the subscriber. The subscriber may also receive the investment income generated by the RESP in the form of Accumulated Income Payments if certain conditions are met.

Canada Education Savings Grant (CESG)

  • Maximum amount: $7,200 over the lifetime of the plan for each child born after 1997
  • Beneficiary age limit: 17 years old
  • Grants are equivalent to 20-40% of annual contributions (based on family income), up to a maximum of $500 per year per beneficiary.
  • Unused grants can be carried forward at a rate of one per year (up to a total of $1,000 in grants per year).
  • You can only claim one year's worth of unused grants at a time. This means that the maximum annual contribution eligible for grants is $5,000. This contribution will earn you the maximum grant of $500 for the current year and $500 of unused grants from a previous year.

Quebec Education Savings Incentive (QESI)

  • Maximum amount (received as a tax credit): $3,600
  • Beneficiary age limit: 18 years old
  • The basic amount is equivalent to 10% of net annual contributions to the plan, up to $250 per child per year.

Canada Learning Bond (CLB)

  • Maximum amount: $2,000
  • Beneficiary age limit: 15 years old
  • Grant for children from low-income families born after 2004
  • $500 paid in the first year and $100 paid in subsequent years where the family meets income criteria

Other provincial education savings incentives

British Columbia offers additional grants.

  1. Trusts may not act as subscribers.
  2. Amounts may be higher for certain programs with higher tuition fees.

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