RESP Savings Options

Let us help you make the most of an Registered Education Savings Plan in Canada. With our expert advice, you can maximize your investment and government grant benefits.

Start Saving
Average Canadian
tuition in 2021
of High School grads
go on to post-secondary
Maximum RESP
grant available
Annual increase in
tuition - last 10 years

Important RESP Facts

What is the difference between a individual, Family and group RESP?

An individual plan is intended to pay for the education of one beneficiary.

A family plan can have more than one beneficiary. Each beneficiary must be both related to the person who opens the plan and under 21 when you name them.

Group plans work differently from individual and family plans, and each plan has its own rules. They also tend to have higher fees and more restrictive rules. The money you put in is pooled with contributions of other investors.

Who offers RESP plans?

RESP plans are offered by banks and credit unions, robs-advisors, mutual fund companies, investment dealers, insurance companies and group RESP companies

What types of investments are eligible for RESP plans?

Savings accounts, GICs, mutual funds, ETFS (exchange traded funds), bonds and stocks.

What happens if my child does not go to school?

1 - Leave the money in the RESP - an RESP plan can be left open for 36 years

2 - Change the beneficiary if your plan allows it

3 - Transfer up to $50,000 to your RRSP if you have the contribution room

4 - Close the plan - you keep your contributions but all grants need to be returned PLUS there is a 20% penalty tax

Important questions to ask before setting up a plan

- Once I have opened an RESP, will I have to pay any fees?
- Do I have to put a minimum amount of money into an RESP?
- Do I have to make regular payments?
- What happens if I cannot make regular payments?
- Can I change my contribution amounts?
- What are my investment choices?
- What are the benefits of each choice?
- Can the value of my investment go down?
- Can I withdraw money if I need it?
- Are there any fees or penalties for withdrawing money early?
- Can I transfer the RESP to another person, or to another RESP provider?
- What will happen to my savings in the RESP if my child does not continue his or her education after high school?

What are the cost associated with an RESP plan?

This depends on the type of investment and the provider. Some of the costs can include commissions and management fees, enrolment fees, trustee fees