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RESP

Save for school the smart way

A Registered Education Savings Plan (RESP) is a special savings plan for parents, family and friends who want to save towards a child's post-secondary education.

How it works:

  • When you make RESP contributions, you’ll have your choice of investments, including GICs and mutual funds.
  • Receive federal government grant (a 20% bonus of up to $500 every year, to a lifetime limit of $7,200 per child).
  • Contributions are not tax-deductible, but all investment income is tax-sheltered as long as it remains in the Plan.
  • Withdraw money for the child's post secondary education.


Other benefits:

  • When money is withdrawn, earnings and government contributions are taxed in the hands of the child.
  • Qualifying low to middle-income families can access Canada Learning Bonds and enhanced Canada Education Savings Grants.

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Helpful links 
Education savings calculator
RESP guide
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Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.
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