Education plan

Giving them a head start

Use the space bar to play and pause the carousel. Use the left and right arrows to move between carousel items. The carousel stops when not in focus.
Slide 1 Item 1 of 5

We make it easy to start early and contribute regularly, with a minimum of $25 a month. You can save for when you need funds for your child's education.

Slide 2 Item 2 of 5

The federal government may add to your RESP contributions (up to a maximum of $500 per year, per child) with the Canada Education Savings Grant (CESG). The CESG is payable until the end of the calendar year a child turns 17, and the maximum lifetime CESG payment is $7,200. Additional grants may be available depending on your financial situation and your province of residence.

Slide 3 Item 3 of 5

Although contributions are not tax-deductible, all investment income generated in the RESP is tax-sheltered as long as it remains in the plan.

Slide 4 Item 4 of 5

You can decide how much money should be withdrawn and when it should be withdrawn.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. 

Slide 5 Item 5 of 5

When money is withdrawn and used to pay for the child's post-secondary education, the plan earnings and government contributions are taxed in the child's hands. As a student with low or no income, the child may pay little or no taxes on the money.

Types of RESPs

If you bank with us, sign in to your online banking or call 1-888-723-8881 to apply.

Have questions?

help icon

mobile phone icon

mail icon