RESP –Registered Education Savings Plan

RESP is a flexible tax-sheltered investment account to save for your child’s post-secondary education. Canadian government supports families by giving them monthly Canada child benefit and encourages them to save for their children’s RESP.
Beneficiaries must be Canadian residents with a valid SIN.

RESP is a flexible tax-sheltered investment account to save for your child’s post-secondary education. Canadian government supports families by giving them monthly Canada child benefit and encourages them to save for their children’s RESP.

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Main Features of RESP account:

  • Eligible for government grants
  • Flexibility in contributions
  • Tax-deferred long-term growth in RESP account
  • Maximum contribution is $50,000 per child
  • Eligible for full or part-time studies in Canada or abroad
  • Anyone can contribute for a child
  • If child chooses not to attend post-secondary education, options available for rollover to RRSP or transfer to sibling’s RESP or non-post-secondary withdrawal
  • RESP accounts can be kept open for up to 35 years

RESP accounts are eligible for:

  • CLB-Canada Learning bond-$2000 Max. (Based on income and National Child benefit Supplement)
  • CESG-Canada Education Savings Grant- $7200 Max (CESG is 20% on contributions up to $1000 max/year)
  • ACESG-Additional Canada Education Savings Grant-10%-20% of first $500 based on income eligibility
  • BCTESG-British Columbia Education & Savings Grant-$1200 (One time), Children between 6-9 years of age are eligible to apply. RESP account necessary for this grant.

Do your research before investing in RESP’s. Many different options are available in the market.
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