Registered Education Savings Plans (RESPs) help families and friends save towards a child's future post-secondary education.

Benefits of a Registered Education Savings Plan (RESP)

  • Tax-sheltered growth. Although contributions are not tax-deductible, all investment income generated in the RESP Is tax-sheltered as long as it remains in the plan.
  • Flexibility. You can decide how much money should be withdrawn and when it should be withdrawn. The withdrawals can be used for a variety of education costs, including tuition, books and living expenses.
  • You'll pay less taxes. When the money is withdrawn to pay for your child’s post-secondary education, the plan earnings and government contributions are taxed against the child. As a student, the child may pay little or no taxes on the money.
  • Receive government contributions. The federal government pays a 20% bonus of up to $500 every year, to a lifetime limit of $7,200 per child.
  • Access to Canada Learning Bonds and enhanced Canada Education Savings Grants. These are available for qualifying low- to middle-income families.

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