Registered Education Savings Plan (RESP)

Invest in your future

Secure your child's future education with a RESP, a powerful tool to help you save for education and take advantage of government grants like the Canada Education Savings Grant (CESG) to boost your savings. Contribute up to a maximum lifetime of $50,000.

Why RESPs are a good idea?
  • Maximize Savings: Take advantage of government contributions and tax benefits to grow your savings faster.
  • Financial Security: Start saving early to alleviate the financial burden of education costs when your child reaches post-secondary level.

How a RESP works.

*Up to $7,200 in grants through the Canada Education Savings Grant -20% of your contributions are matched up to $2500 in contributions ($500 matched annually). Up to $2,000 in funds through the Canada Learning Bond for eligible families. Subject to terms and conditions of RESP.

Grow your savings faster.

Contributing $250 a month can add up quickly when it’s boosted by government contributions like the Canada Education Savings Grants (CESG). Here’s what this could get you in the next 17 years*.

  • No monthly fees 
  • Tax-deferred investment growth
  • Matched contributions of up to 20% (Max $500 per year, lifetime $7,200)

CESG: Canada Education Savings Grant

*Based on $2,500 annual contribution over 17 years at 5.00% rate of return**

Start today to secure their tomorrow.

Investing in education is one of the most valuable gifts you can give your child. Start planning early and watch their future flourish.

Eager to learn more of the in’s and out’s about RESP’s and your options?

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Common questions.
No, it's free to open a RESP.
Any adult looking to save for post-secondary education for a child can open a RESP account. This includes parents, guardians, grandparents, other relatives and friends. 
An individual who resides in Canada, has SIN and plans to attend post-secondary instituition.
The key to getting contribution matching grants from the government is to contribute to the RESP. The Canada Education Savings Grant incentivizes saving and will match up to 20% of your contributions per year (max grant of $500 per year) up to a maximum lifetime grant of $7,200. We will fill out the paperwork and get relevant documents submitted on your behalf so that the government automatically contributes to the RESP. 
No, it's super easy. It's a one-hour appointment where all you have to do is decide what type of investment is right for the RESP, sign some papers, and work out a monthly contribution you'd like to start with. 
Start small. $50 will still make a difference. Just remember, you are getting 20% matched by the government, no matter the amount (up to $500 per year). Something is truly better than nothing.
If your child does not use the funds for education, check with your advisor on the best solution. Some options could include transferring to your RRSP if eligible etc.  

Note: A RESP must be closed on or before the last day of the 35th year following the year in which the plan was entered into. 

Once the beneficiary is enrolled in post-secondary school, provide us with the proof of enrollment and we will discuss things such as how much of the government grants you can take out (there's a limit) and how much of your own contributions you want to take out (no limit). Keep in mind that the beneficiary can not initiate withdrawals.
Having a regular savings account not registered as an RESP will not get you government grants or grow at the same rate as a term deposit or mutual funds.

**The information shared includes projections based on estimations. Calculations are for informational purposes only and are not intended to reflect future values or returns on investment from any specific investment. Based on $2,500 annual contribution over 17 years at 5.00% rate of return with compounded growth and investment growth is tax deferred. Annual RESP contributions are made at the start of each year. Calculations include the basic CESG (20%) and the additional CESG that is based on net family income of $120,000. Family income is assumed to stay the same throughout the period. Calculations use income tax brackets as of January 2019. Provincial grants are not included in the calculations. The maximum lifetime CESG grant you can receive is $7,200. Calculations do not account for inflations and do not include expenses. Talk to your advisor to select the right investment for your RESP.


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