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A registered education savings plan that has been registered with the Canada Revenue Agency (CRA) is an investment vehicle where parents or grand parents can save for their child or grand child post-secondary education. It is a convenient way to save for future – A tool that allows your child to dream big.

Registered Education Savings Plan

  • All children resident in Canada (up to the end of the calendar year in which they turn 17) are eligible to receive money from the federal government for their post secondary education as long as RESP has been opened for them.
  • You can open a RESP for a child or grandchild
  • You can contribute a lifetime maximum of $50,000 per child (beneficiary) to an RESP.
  • You can contribute to a RESP for up to 31 years, and plan remain open for maximum 35 years.
  • The amount of annual contribution room that is eligible for the Canadian Education Savings Grant (CESG) is $2,500. You can contribute more, but the 20% grant is only matched by the Canadian government up to $2,500 per year.
  • Government of Canada contributes up to $2,000 to a RESP for an eligible child from low income families.
  • There is no tax deductible for the contributions, however the money inside the plan will grow tax deferred until its withdrawn for a post-secondary educational program.
  • Your child (beneficiary) pay taxes on their education assistance payments (EAPs), however their income will be likely low, they will pay little to no tax.
  • Your child (beneficiary) receives payments from their RESP once they have enrolled in a post secondary program.
  • Should your child decide not to pursue any post secondary education, you can transfer the savings to another child or withdraw your contributions tax free, certain conditions may apply.
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Important things to look before choosing a RESP provider:

  • What are the fees? – Understand what fees you may be expected to pay when you open the plan
  • What are your investment choices? – A RESP may invest in a wide range of qualified investments and rate of returns.
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  • Advantages

    • Ease of use and attractive investment incentives. These plans
    • Provide a dual incentive for parents to save for their child’s education, as they are not required to pay taxes on the money initially and are eligible for bonus contributions from the government.


    • The grant money provided by the government must be returned if the child does not enroll in an approved post-secondary education program within 36 years of opening the account.
    • Any investment earnings that are withdrawn from the RESP and not used for educational expenses will be subject to income tax and a 20% penalty.


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