RESPs

A Registered Education Savings Plan is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is tax sheltered until it is withdrawn.

RESP Advantages Expand/Collapse

  • An RESP provides long-term planning for a beneficiary to attend a post-secondary institution
  • Income earned within the plan is tax sheltered until withdrawn.
  • The Canada Education Savings Grant (CESG) provides additional education funding

Other Important Information Expand/Collapse

  • The lifetime contribution limit is $50,000 per beneficiary
  • The beneficiary will require a Social Insurance Number before being names as Beneficiary
  • Lifetime CESG funding is $7,200 per Beneficiary if eligible
  • Educational Assistance Payments may be drawn from the RESP to cover expenses associated with the pursuit of higher education in a qualified program- tuition fees, textbooks, room and board, etc. These payments are taxable to the beneficiary.
  • Individual or family plans may be opened