RESP - Registered Education Savings Plans

Benefits of Having an RESP – Save Early, Earn More

With the help of an RESP you, as a parent, friend or family member, can start putting aside money for a child’s post-secondary education. Your contributions can grow surprisingly quickly when you use this special savings account, as the Government of Canada offers the Canada Education Savings Grant and the Canada Learning Bond exclusively to RESP subscribers.

How to Open an RESP

Opening an RESP is not difficult. In fact, it only takes two simple steps:

1. Apply for a Social Insurance Number (SIN).
2. Choose an RESP Provider.

Choosing an RESP Provider

RESPs are offered by most financial institutions. It is important to choose providers carefully, as they will be responsible for managing your contributions, as well as making the payments to the child named in the plan. Check out Canlearn.ca for tips that will help you choose an RESP Provider.

Questions for RESP Providers

It is important to ask your provider about investment options and to request a list of fees or penalties that you may be required to pay. Canlearn.ca provides a helpful list of questions for RESP Providers.

Using Your RESP

Upon enrolling in a qualifying educational program - a course of study that lasts at least three consecutive weeks, with a minimum of 10 hours of instruction or work per week – the child named in your plan will become eligible to receive payments from the RESP to help cover the costs of education after high school. Find out more about using your RESP and Educational Assistance Payments (EAPs).

What Happens if the Child Does Not Continue Education After High School?

If your beneficiary decides not to attend a post-secondary institution right after high school, visit Canlearn.ca to find out what you can do with the money in your RESP.

Still have questions? Detailed information about RESPs, as well as the Canada Education Savings Grant and Canada Learning Bond, is available on Canlearn.ca.

If you have any further questions or comments, contact us.