Invest in Your Child’s Future with an RESP account
Grow Their Education Fund Tax-Free + Get Up to $9,200 in Government Grants
Tax-Free Growth | Up to $7,200 in Government Grants | No Cost to Open
What is an RESP?
A Registered Education Savings Plan (RESP) is a government-approved savings account that helps parents and guardians in Canada save for their child’s college, university, or trade school.
- Grow your savings tax-free
- Receive free government grants
- Pay little or no taxes on withdrawals when used for education
Whether you start with $25 or $2,500, an RESP helps your child dream bigger—without debt.
Future
- Government Grants: Get up to $7,200 through the Canada Education
Savings Grant (CESG). - Tax-Free Investment Growth: Your savings grow tax-free inside the account.
- No Contribution Limit Per Year: Contribute when and how often you like
(lifetime max: $50,000 per child). - No Tax on Withdrawals for Parents: When money is withdrawn for school,
taxes apply only to the student—who usually pays little or nothing.
- Open an RESP: Anyone (parent, grandparent, guardian) can open an RESP for a child.
- Contribute: Add money regularly or occasionally. There is no annual minimum.
- Receive Grants: The federal government matches 20% of your contributions (up to $500/year per child).
- Invest & Grow: Funds are invested in mutual funds, ETFs, or GICs and grow tax-free.
- Withdraw for Education: When the child begins college/university, the funds can be withdrawn as Educational Assistance Payments (EAPs).
| Benefit | Details |
| Government Grants | Up to $7,200 from the Canada Education Savings Grant (CESG) |
| Canada Learning Bond | Up to $2,000 for low-income families — no contributions required |
| Tax-Free Growth | All earnings grow tax-free until withdrawal |
| Low or No Taxes on Payouts | Withdrawals are taxed in the student’s name — often at zero tax |
| Flexible & Safe | Choose from guaranteed investments, mutual funds, or GICs |
| Bonus: Total government support can reach $9,200+ per child over time! | |
✅ Parents, grandparents, or legal guardians
✅ Any child with a valid Canadian Social Insurance Number (SIN)
✅ No minimum income required to get started
You do not need to contribute monthly. Even small, irregular deposits count toward grants.
- Open an RESP account with your SIN and your child’s SIN
- Contribute any amount, any time—up to $50,000 per child
- Get Matched: The Government adds 20% annually (max $500/year in CESG)
- Earn Tax-Free returns on your investments
- Withdraw funds for tuition, books, housing, or training programs
- Canada Education Savings Grant (CESG)
- 20% of contributions, up to $500/year per child
- Lifetime CESG limit: $7,200 per child
- Additional CESG for Low-Income Families
- Extra 10–20% on the first $500 you contribute per year
- Based on net family income
- Canada Learning Bond (CLB)
- For children in low-income families
- No contributions required to receive it
- Up to $2,000 per child (starting with $500, plus $100/year until age 15)
You can get RESP grants even if you can’t afford to contribute regularly!
- Your savings grow tax-free
- Withdrawals for school are taxed in your child’s hands—not yours
- Your child likely pays little or no tax as a student
- Contributions are not tax-deductible, but the gains stay protected
| At maturity, when your child enrolls in post-secondary education: | |
| RESP Funds | What Happens |
| Your Contributions | Withdrawn tax-free—they’re your money |
| Government | Paid out as Educational Assistance |
| Grants | Payments |
| Investment Earnings | Also part of EAPs—taxed to the student |
If your child doesn go to school, options include:
- Transfer funds to your RRSP (conditions apply)
- Keep the RESP open (up to 35 years!)
- Withdraw your contributions and return unused grants
Frequently Asked Questions
Q: Is there a minimum amount I need to contribute?
A: No. You can start with as little as $25 or even open the account without any contribution if applying for the Canada Learning Bond (CLB).
Q: What if my child doesn’t go to college or university?
A: You can still withdraw your contributions. Grants will be returned to the government. Earnings may be taxed unless transferred to an RRSP.
Q: Can I open an RESP for more than one child?
A: Yes! You can open individual or family RESPs for multiple children.
Q: Do RESP contributions affect my income tax return?
A: No, they are not tax-deductible. But the investment growth and grants inside the RESP are tax-sheltered.
Q: What can RESP money be used for?
A: Tuition, housing, books, laptops, transportation, and more.
Q: Is there a deadline to open an RESP?
A: No, but the earlier you start, the more time your money has to grow.
What You Need to Get Started
- Child’s Social Insurance Number (SIN)
- Your SIN and government-issued ID
- Basic contact and banking information
- Proof of income (optional, for low-income grants)
Why Open an RESP With Us?
- Simple online or in-person setup
- Free consultation & grant application assistance
- Flexible investment options
- No hidden fees
- Grant maximization strategies for every family
Start Building Your Child’s Future—Today
Every dollar you invest now is worth more tomorrow with government matching and tax-free growth. Don’t leave free grant money on the table!
Start My RESP Today or call us at (416) 829-5000