Skip to main content
Registered Education Savings Plan
Personal Investing

Registered Education Savings Plan (RESP)

Post-secondary expenses aren’t going to be cheap. Start early and save for your kids' education and future. 

Don’t miss out on Government grants 

RESP’s help you save for your child’s post-secondary education. All investments and grants are tax-sheltered which means the income you make on investments is tax-free while it stays in the plan. One of the greatest benefits of an RESP is the free money you get from the Government in the form of grants and bonds.  

Here’s how it works 

When you put money into an RESP, the Government matches part of your contribution with a grant. A bond is also available for lower income families without having to contribute their own money.  

You can set up an RESP for your family and have multiple children set up as beneficiaries or you can set up an individual plan with only one beneficiary.  

The Family RESP
  • One or more children can be beneficiaries 
  • Beneficiaries must be blood related or adopted by the plan subscriber  
  • If one child decides not to attend post-secondary, the other children can use the funds up to the allowable limit 
The Individual RESP
  • One child beneficiary  
  • Beneficiary must be related by blood to subscriber  
  • If the child decides not to attend post-secondary, the grant money from the Government must be returned and you'll get the contribution money back 

You could qualify for grants and bonds 

Free money from the Government you say? We aren’t kidding around about this. Here are some of the available grant & bond options:  

BC training and education savings grant (BCTESG)  

A one-time $1,200 RESP grant to eligible children between the ages of 6 to 9 years old who meet the following criteria: 

  • Born on or after January 1, 2007 
  • Child must be a beneficiary of an RESP  
  • Must be a resident of BC  

Basic Canadian education savings grant (CESG)  

All families are entitled to receive 20% of every dollar on the first $2,500 contributed annually until the beneficiary turns 17.  

  • Maximum annual grant amount $500 - $600 per beneficiary 
  • Lifetime grant limit of $7,200 per beneficiary  

Lower income families can receive a higher grant percentage.

Family net income 
CESG on first $500 contribution
CESG on $501 to $2,500 
Maximum annual CESG 
Up to or equal to $49,020  40% = $200  20% = $400  $600
Between $49,021 to $98,040  30% = $150  20% = $400  $550
Over $89,401  20% = $100  20% = $400 

$500

Canada learning bond (CLB)  

Families qualify based on net family income and can receive the bond without having to contribute their own money. Lower income families with a beneficiary born after Dec 31, 2003 can apply to receive:  

  • An initial $500 deposit  
  • An additional $100 deposited each year until the beneficiary turns 15  

 

We're here to help

Talk to an advisor

Our knowledge advisors can guide you through life's big and small financial decisions - and their services are completely free of charge for our members.

Timer icon

RESP calculator

Use the RESP calculator to estimate how much you need to contribute to reach your savings goals.

These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.

Explore all registered plans

Tax-Free Savings Account (TFSA)

Save for short-term and long-term expenses, with no tax on withdrawals.

View details

Registered Retirement Savings Plan (RRSP)

Save for the lifestyle you want in retirement, with tax advantages.

View details

Registered Disability Savings Plan (RDSP)

Build long-term financial security for a person with disabilities.

View details

Registered Retirement Income Fund (RRIF)

Start spending savings in retirement by turning your RRSP into a RRIF.

View details

How to reach us

Call our Member Service Centre

Toll free
1-888-440-4480

Monday to Friday
8 am - 8 pm

Saturday 9 am - 5 pm

Contact tech support
Send us an email

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer which insures deposits in credit unions. Mutual funds and related financial planning services are offered through Qtrade Asset Management (a tradename of Credential Asset Management Inc). Mutual funds, other securities and financial planning services are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Credential Securities is a registered mark owned by Aviso Wealth Inc.