Registered Education Savings Plan (RESP) in Canada
An RESP is a registered savings plan that can help families prepare for a child's post-secondary education.
- Save for education over time
- Government grant eligibility
- Plan early for long-term goals
What Is an RESP?
A Registered Education Savings Plan (RESP) is a registered account used to save for a beneficiary's post-secondary education. A parent, grandparent, relative, or other eligible subscriber can open a plan.
Starting early can provide more time for contributions, eligible grants, and investment growth. Available investments and fees depend on the RESP provider and product.
CESG and Contribution Limits
The basic Canada Education Savings Grant (CESG) is generally 20% of eligible annual contributions, up to $500 per beneficiary for the year when there is no unused grant room. Additional rules can apply when unused grant room is available.
RESP contributions have a lifetime limit of $50,000 per beneficiary. Families should confirm current grant eligibility and plan details before contributing.
Questions to Review Before Opening an RESP
- Who will be the beneficiary?
- How often do you want to contribute?
- Which grants may be available?
- What investment choices and fees apply?
- How will withdrawals work for education costs?
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Share your goals and questions. An advisor can help you understand the available options and the details to confirm before you apply.