Education-focused savings
Build a fund specifically for eligible education after high school, from trades and apprenticeships to college or university.
Registered Education Savings Plan
Build Their Future With an RESP
An RESP is a Canadian registered savings plan designed to help families prepare for a beneficiary's education after high school—while making room for eligible government incentives and tax-deferred investment growth.
- Save with a clear education goal and timeline
- Explore eligible federal and provincial education benefits
- Choose contributions and investments around your family's plan
A plan for educationContributions, potential benefits, and investments in one registered account.
Government incentives
Eligible beneficiaries may receive the CESG, the Canada Learning Bond, and certain provincial benefits.
Tax-deferred growth
Investment earnings are not taxed annually while they remain inside the registered plan.
A flexible contribution plan
Choose a contribution rhythm that works with your budget, timeline, and the beneficiary's future needs.
A simple path, built for the long term
How an RESP turns today's savings into tomorrow's options.
The account structure is registered, but your strategy should stay personal. The beneficiary's age, your contribution capacity, and your investment comfort all shape the plan.
Talk through your starting point- 01
Open an RESP
Choose a promoter, name the beneficiary, and set up the registered plan.
- 02
Contribute over time
Add money on a schedule that fits your family and track contributions across any plans for the beneficiary.
- 03
Receive eligible grants
Eligible contributions may receive government education savings grants and benefits based on the beneficiary and family circumstances.
- 04
Invest and grow
Select eligible investments that reflect the education timeline and your comfort with risk.
- 05
Use it for education
Once the beneficiary enrols in an eligible program, the plan can help fund reasonable post-secondary costs under RESP rules.
Government education savings benefits
Your contributions may unlock more than investment growth.
Eligible beneficiaries can receive education savings benefits directly inside an RESP. Eligibility is not automatic for every family, and the current program rules matter.
Review official Government of Canada guidanceContribution-based
Canada Education Savings Grant
Basic CESG generally adds 20% on the first $2,500 contributed each year for an eligible beneficiary—up to $500 annually and $7,200 over the beneficiary's lifetime. Additional CESG and catch-up rules may apply.
No contribution required
Canada Learning Bond
Eligible children from families with low income may receive up to $2,000. Personal RESP contributions are not required, but current federal eligibility conditions must be met.
Provincial incentives may also apply. Availability depends on where the beneficiary lives and whether the RESP promoter offers the applicable program.
Choose the right structure
Individual or family RESP?
Both are built for education savings. The difference is how many beneficiaries the plan can include and who can be named.
Individual RESP
A focused structure for one beneficiary. The subscriber does not generally need to be related to that beneficiary.
- One beneficiary named in the plan
- Straightforward contribution tracking
- Useful for a single child's education goal
Family RESP
One plan can include multiple beneficiaries who meet the required blood or adoption relationship to each living subscriber.
- Designed for eligible related beneficiaries
- Contributions tracked for each beneficiary
- Can support planning for more than one child
Built for education after high schoolFrom enrolment to everyday student needs
What can RESP money help pay for?
Once the beneficiary is enrolled in an eligible post-secondary program, RESP withdrawals may support reasonable education-related expenses. The promoter reviews eligibility and may request proof of enrolment or receipts.
Tuition and program fees
Books, tools, and supplies
Transportation
Reasonable living costs
Eligible programs can include trade schools, apprenticeship programs, CEGEPs, colleges, and universities. Plan terms and federal requirements apply.
Know what is inside the plan
Contributions, growth, and withdrawals are treated differently.
Keeping the three parts clear makes education-stage decisions easier later.
Subscriber contributions
Contributions are made with after-tax money, are not tax deductible, and can generally be returned without additional income tax.
Growth and eligible benefits
Investment earnings and eligible education savings benefits can accumulate inside the RESP under the registered-plan rules.
Withdrawals
Benefits and accumulated earnings paid as Educational Assistance Payments are generally taxable to the beneficiary in the year received.
Education planning is personal
Build around the decisions your family actually faces.
An RESP is the account. The strategy comes from how these six factors work together.
Timing
Child's current age
The years before post-secondary education shape both contribution pacing and investment choices.
Horizon
Education timeline
A shorter timeline may call for a different balance of growth and stability than a plan opened early.
Cash flow
Contribution strategy
Monthly, periodic, and lump-sum contributions can each play a role depending on your circumstances.
Portfolio
Investment comfort
The plan's investments should reflect your objectives, time horizon, and tolerance for market movement.
Structure
Number of children
Your family may need one beneficiary or a family plan that can include eligible related beneficiaries.
Eligibility
Available incentives
CESG, CLB, and provincial benefit eligibility should be reviewed under current program requirements.
The education savings journey
Small decisions today can support more choice later.
Start saving
Set the beneficiary, goal, contribution rhythm, and first investment approach.
Build the plan
Contributions, eligible incentives, and investment growth can work together.
Fund education
Use the RESP under its rules when the beneficiary attends an eligible program.
Who an RESP may suit
A structured plan for families thinking beyond next year.
An RESP may be worth exploring when education is a defined long-term goal—not because one account is automatically right for everyone.
Parents starting a fund for a young child
Grandparents contributing toward future education
Families saving for more than one child
Households building a consistent long-term savings habit
Families reviewing eligible education savings benefits
RESP questions, clearly answered
Understand the rules before you choose the plan.
These answers are educational and reflect current federal guidance. Your promoter's terms and your circumstances still matter.
A Registered Education Savings Plan is a registered account used to save for a beneficiary's education after high school. Contributions can be invested inside the plan, and an eligible beneficiary may receive federal or provincial education savings benefits.
The person who opens the plan is the subscriber and the future student is the beneficiary. A parent, grandparent, guardian, or another person can generally open an RESP, subject to the promoter's requirements. The beneficiary needs a Social Insurance Number, and residency rules apply when contributions and benefits are added.
The CESG is a federal benefit paid into an eligible beneficiary's RESP based on contributions. Basic CESG is generally 20% of the first $2,500 contributed each year, up to $500 annually and a $7,200 lifetime maximum. Additional CESG may be available based on adjusted family net income, and catch-up rules can apply.
The CLB is a federal education savings benefit for eligible children from families with low income. It can provide up to $2,000 in total, and personal RESP contributions are not required to receive it. Eligibility depends on current federal requirements.
There is no annual RESP contribution limit under the current federal rules, but the lifetime contribution limit is $50,000 per beneficiary across all of that beneficiary's RESPs. Contributions should be coordinated when more than one person is saving for the same beneficiary.
No. RESP contributions are made with after-tax money and are not deductible from the subscriber's income. Investment earnings are not taxed annually while they remain in the plan.
Original contributions can generally be returned tax-free. Educational Assistance Payments, which include government benefits and accumulated investment earnings, are taxable income to the beneficiary in the year received. The promoter determines the composition and documentation required for a withdrawal.
An individual RESP has one beneficiary. A family RESP can name more than one beneficiary, but each beneficiary must be connected by blood relationship or adoption to each living subscriber. Contributions and government benefits still need to be tracked for each beneficiary.
Depending on the plan and circumstances, options may include keeping the RESP open for future study, replacing the beneficiary, transferring to another RESP, returning contributions, or closing the plan. Government benefits may need to be repaid, and tax can apply to accumulated income, so review the options with the RESP promoter before acting.
Available investments depend on the promoter and plan. Options may include savings deposits, GICs, or segregated funds where permitted. Returns are not guaranteed, and the mix should reflect the beneficiary's timeline and the subscriber's objectives and risk tolerance.
Rules and benefit amounts can change. Confirm current details with your RESP promoter or Government of Canada education savings guidance.
Give their education a head start
Speak With an Advisor Plan for their education with confidence.
Build an RESP strategy around your timeline, contribution goals, beneficiaries, and investment preferences.