Education Savings Plan (RESP)
Helping to fund a child’s post-secondary education is one of the most important investments you can make in their future, especially in today’s competitive environment where a good education is crucial to success. Yet, with the rising cost of tuition fees and living expenses, personal savings alone may not be enough to cover the cost of higher education.

What you should know:

  • A Registered Education Savings Plan (RESP) is a flexible and convenient way to save for a child’s future post-secondary education
  • Government grants and incentives may be available to qualified Student Beneficiaries to help RESP savings grow
  • Investment income generated in a RESP is tax-sheltered as long as it remains in the plan
  • When withdrawn, plan growth and government grants can be taxed at the student’s tax rate (he or she could pay little or no tax on this money)
  • There is no annual contribution limit with an RESP, but the lifetime maximum is $50,000 per Student Beneficiary
  • Anyone can open an RESP – parents, guardians, grandparents, other relatives, or friends
  • Individuals can also purchase an RESP for themselves for future post-secondary education needs
  • A segregated fund contract offers protective features, including death benefit and maturity guarantees​