A Registered Education Savings Plan (RESP) is a government-registered account designed to help families save for their children’s post-secondary education. Contributions can be made by parents, relatives, or friends and grow on a tax-free basis. In addition to investment growth, the government provides grants and bonds to further boost your savings, making an RESP one of the most effective ways to fund future education costs.
Ensures your child has dedicated funds for college or university.
All investment income grows tax-free inside the RESP.
Access matching grants like the CESG and bonds such as the CLB.
Contribute at your own pace with no annual limits.
Parents, grandparents, and relatives can all contribute.
Lifetime contribution room of up to $50,000 per child.
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You can contribute up to $50,000 per child over the lifetime of the plan, with no annual maximum.
The Canada Education Savings Grant (CESG) provides up to $7,200 per child, while the Canada Learning Bond (CLB) offers up to $2,000 for low-income families.
You can transfer RESP funds to another child, roll them into your RRSP (under certain conditions), or withdraw them with some grant repayments and tax implications.
Your original contributions are not taxable. Only the grant money and investment income are taxed, typically at the student’s lower income rate.