Registered Education Savings Plan

A Registered Education Savings Plan (RESP) is a government-approved plan that helps you save for your child's education costs. The government will pay a grant of up to 20% of the subscriber’s (usually a parent or a grandparent) contribution. With the increasingly high cost of post-secondary education, an RESP is a great way to ensure you are ready when your kids are.

  • Earnings are taxed-deferred until withdrawn and are generally taxable in the child’s name
  • The Canada Education Savings Grant (CESG) is a federal grant that pays 20% on the first $2,500 contributed to an RESP each year per child to a maximum lifetime grant of $7,200
  • A Canada Learning Bond (CLB) of up to $2,000, is available to eligible families
  • Competitive guaranteed rates on insured deposits
  • Flexible contribution options (weekly, bi-weekly, monthly, annually)
  • Term Deposit minimum $500
  • Maximum allowable contribution is a maximum lifetime of $50,000
 

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