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What is RESP?

Registered Education Savings Plan (RESP) helps you save for your children's post-secondary education. It has a tax-free growth, offers flexibility and helps you plan and save many years in advance so you are not weighed down with the expenses at the time.Canadian Residents with a social insurance number (SIN) who wish to set up the fund for any beneficiary including children, nephews, nieces, grandchildren or any dependent child should consider RESP.

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At different stages of life, one always wants to ensure a bright future for their children. RESP eliminates the financial burden of post-secondary education, a gift that can be given to your children, grandchildren, nieces/nephews.

3 Benefits of RESP

1. Tax Free Growth

RESPs offer tax deferral. This means that interest income and investment growth earned within an RESP are not taxed as long as the funds remain in the plan. Withdrawals from an RESP are taxed in the hands of the student, which usually means they pay little or no tax.

2. The Canada Education Saving Grant

With the CESG, for an eligible beneficiary under the age of 18, the government matches 20% on the first $2,500 contributed annually to an RESP. The maximum total CESG the government will give, up to age 18, is $7,200 per beneficiary. The grant proceeds are invested along with your contributions, further enhancing the benefits of tax-deferred and compound investment growth within your plan.

3. Canada Learning Bond

A $500 CLB is provided for children of families who are entitled to the National Child Benefit Supplement and who are born after December 31, 2003. These children also qualify for CLB installments of $100 per year until age 15, as long as they continue to receive the National Child Benefit Supplement. The total maximum CLB payable per child is $2,000. CLBs are allocated to a specific child; unlike CESGs, they cannot be shared with other beneficiaries. There is no requirement to make contributions in order to qualify for the CLB.

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Your Options

You can open an RESP for an individual child, or opt for a flexible family plan that lets you save for your children.

Individual Plans

An individual plan is set up for one person, who does not have to be related to you. There are no age limits, so you can even set up an RESP for yourself or another adult.

Family Plans
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