RESPs

Registered Education Savings Plans

A Registered Education Savings Plan (RESP) is an education savings account for postsecondary education for children and is registered with the Government of Canada.  The cost of education including tuition fees, textbooks, and room and board expenses continue to increase.   Opening a RESP for your child is an incredible investment in their future and provides the opportunity they need to succeed. 

To be eligible to open a RESP, applicants and beneficiaries must have a Social Insurance Number.  Contributions are not tax deductible, but income and grants that build up in the plan are tax sheltered until they are withdrawn to pay for the beneficiary's eligible post-secondary education.  There are other benefits including:
• Federal Government grant of 20% on the first $2,500 per year per beneficiary
• Income taxed by the beneficiary when withdrawn
• Canada Learning Bond
• Basic and Additional Canada Education Savings Grant

All registered products held in a savings or term deposit are insured by Deposit Insurance Corporation of Ontario (DICO).

Learn More about RESPs, CLB or CESG.

 

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