Registered Education Savings Plan

A Registered Education Savings Plan (RESP) is one of the best way’s for family and/or friends to save towards a child’s post-secondary education.

It offers tax-free savings and allows you to take advantage of FREE $$$ from the Government of Canada through its special saving incentive programs which include the Canada Learning Bond (CLB) and Canada Education Savings Grant (CESG).

There are different types of RESP plans to choose from, so it is wise to speak directly with an RESP provider about which plan works for you.

How can I open an RESP?

You can open an RESP through what is known as an RESP provider. RESP providers include most financial institutions, such as banks and credit unions, as well as group plan dealers and financial service providers.

Why should I open an RESP?

It only costs $1 to open an RESP account for your child.

When you open an RESP for your child, he or she could qualify to receive $500 FREE for the first year and up to $100 per year up to the age of 15 to add his/her RESP savings.

Taking into account all of the saving incentives, your child could receive up to $9,200 in additional savings throughout the lifespan of his or her RESP.

What do I need to open an RESP?

You will need a Social Insurance Number (SIN) for you and your child.

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Download fact sheet on:

Registered Education Savings Plan (RESP)
Types of Education Savings Plans (RESPs)
Canada Learning Bond
Canada Education Savings Grant
Investing Your RESP Savings
Using Your RESP Savings