Giving them a head start
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.
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.
Although contributions are not tax-deductible, all investment income generated in the RESP is tax-sheltered as long as it remains in the plan.
You can decide how much money should be withdrawn and when it should be withdrawn.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.
When money is withdrawn and used to pay for the child's post-secondary education, the plan earnings and government contributions are taxed in the child's hands.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
To apply, sign in to your online banking or call 1-888-723-8881Opens your phone app..