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  A Registered Education Savings Plan (RESP) is a special savings account that can help you, your family, or your friends save early for your child's education after high school.

The Government of Canada allows savings for education to grow tax free until your child named in the RESP enrolls in education after high school. When you have an RESP, you can start saving immediately for your child's education in the future. The Government of Canada allows savings for education to grow tax free until your child named in the RESP enrolls in education after high school. The Government of Canada will help you with special saving incentives including the Canada Education Savings Grant and the Canada Learning Bond.

Save as much as you can afford. Start today!

Choosing the Right RESP For You.

Family Plan

In a family plan, you can name one or more children as a beneficiary of the RESP, but they must be related to you. They may be your children, adopted children or grandchildren.

A family plan may be a good choice if:
  • You want all, or any one of the children named in the plan, to be able to use the money;
  • You want to decide how to invest the money, either on your own or with the help of a financial advisor; and
  • You don't necessarily want to make regular monthly payments.

Individual Plan

An individual plan is for one beneficiary and the person does not have to be related to you.

An individual plan may be a good choice if:
  • You want to save for a child who is or is not related to you;
  • You want to decide how to invest the money, either on your own or with the help of a financial advisor; and
  • You don't necessarily want to make regular monthly payments.

Using Your RESP

As soon as the child named in your plan is enrolled in a qualifying educational program, he or she can start receiving payments from the RESP called Educational Assistance Payments (EAPs)

Qualifying Educational Programs

Usually, a qualifying educational program is a course of study that lasts at least three weeks in a row, with at least 10 hours of instruction or work each week. A program at a foreign educational institution must last at least 13 weeks.

Qualifying educational programs include apprenticeships, and programs offered by a trade school, CEGEP, college or university. RESP funds can be used for full or part-time study in a qualifying program.

When Your Beneficiary Does Not Continue Education After High School

If your child decides not to continue education after high school, you may be able to: Wait for a period of time, he or she may decide to continue studying later; Use the money for a brother or sister who does continue education after high school; Transfer the money into a Registered Retirement Savings Plan (RRSP) to help you save for your retirement. Withdraw your personal savings, tax-free.
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