How much can I contribute to an RESP?

There is no annual contribution limit, but the lifetime limit is $50,000 per beneficiary.

What is the Canada Education Savings Grant (CESG)?

The CESG provides 20% on the first $2,500 contributed each year, up to $500 annually, with a lifetime maximum of $7,200 per child.

Can I open an RESP for any child?

Yes, you can open an RESP for any child, including your own children, grandchildren, nieces, nephews, or even a friend's child.

What happens if my child doesn’t go to post-secondary education?

If the child does not pursue post-secondary education, contributions can be withdrawn without tax, but any government grants must be returned, and earnings may be subject to taxes and penalties.

Are there any fees associated with RESPs?

Yes, some financial institutions may charge account setup fees, annual maintenance fees, or withdrawal fees. It’s important to check with your provider.

Can more than one person contribute to an RESP?

Yes, parents, grandparents, and other relatives or friends can contribute to an RESP for the same beneficiary.

How long can I keep an RESP open?

An RESP can remain open for up to 36 years (or up to 40 years for a specified plan for a beneficiary with a disability).

RESP: Secure Your Child's Education with a Registered Education Savings Plan

Invest in your child’s future—with free government grants.

A Registered Education Savings Plan (RESP) is a tax-sheltered investment account designed to help parents (and others) save for a child’s post-secondary education in Canada or abroad.

Not only do contributions grow tax-free, but the government also adds free grant money— making it one of the best tools to prepare for rising tuition costs.

How Does an RESP Work??

1. You contribute money to the RESP—there’s no annual contribution limit, but the lifetime maximum is $50,000 per child.
2. The federal government contributes up to $7,200 per child through the Canada Education Savings Grant (CESG):

20% on the first $2,500 contributed per year

Additional top-up grants available for low- and middle-income families

3. Money inside the plan grows tax-free.
4. When your child enrolls in college, university, trade school, or other eligible programs, they can withdraw funds as Educational Assistance Payments (EAPs).

EAPs are taxable in the student’s name, meaning they’re often taxed very little or not at all due to their low income.

Why Open an RESP?

Access up to $7,200 in free government grants per child
Grow your investment tax-deferred over 10–20 years
Reduce your child’s future student loan burden
Use the funds for tuition, books, housing, and other school-related costs
Flexibility to use for colleges, universities, trade schools, or CEGEPs in Canada or abroad

Types of RESPs

1. Individual RESP

One beneficiary (usually your child)
Anyone can open and contribute

2. Family RESP

Multiple children in the same family (must be related by blood or adoption)
Share contributions and grant room between siblings

3. Group RESP

Pooled with other investors; more structured, less flexible
We typically recommend individual or family plans for more control and transparency

Who Should Open an RESP?

Parents or guardians planning for their child’s future education
Grandparents, aunts/uncles, or family friends wanting to contribute
Families looking to take full advantage of government education grants
Anyone who wants to avoid high student debt for their children

Key Features

Lifetime contribution limit: $50,000 per child
Government contributes up to $500 per year per child (via CESG)
Tax-deferred growth on investments
Withdrawals taxed in child’s name—not yours
Can stay open for up to 36 years
Funds can be transferred to RRSP in some cases if not used

Give your child a strong financial head start.

We’ll help you open and manage an RESP that maximizes your government grants and investment potential—so your child’s dreams are within reach, and their future is financially secure.

RESP

Invest in Their Tomorrow with RESP: Because Their Dreams Matter Most!