Registered Education Savings Plans (RESPs)
A registered investment account to save for your child's education.
"Your annual contribution grows more with the government grant."
- Eligible for Canada Education Savings Grant (CESG):
- Contributions to eligible RESP beneficiaries receive a 20% grant for the first $2500 deposited each year to age 17.
- Lifetime maximum grant per beneficiary $7,200.
- Lifetime maximum contribution per beneficiary $50,000.
"Your RESP grows faster as investment returns are tax deferred until the beneficiary makes an eligible withdrawal."
- Tax sheltered until withdrawn.
"You have many investment options available."
- Multiple options:
- Fixed or variable rates.
- Fixed or variable maturity dates.
- Individual or Family Plan available.
"You can carry over unused contributions to future years."
- Catch-up annual contribution maximum of $5,000 and CESG annual maximum of $1,000.
"You have options for the funds if your child decides not to attend post-secondary education."
- Options available.*
"You can easily get started to save for your child's education."
- Minimum automatic transfer amount of $25 per month.
"You can set up scheduled preauthorized deposits."
- Automatic transfers.
- See your investment specialist for complete details
- Your child needs a Social Insurance Number (SIN) to qualify
- See more information on education savings
Who might benefit from this product/service?
Anyone who wants to save for their child's education.