RESP

Invest in your children’s future and education

The RESP (Registered Education Savings Plan) is one of the most advantageous registered plans to build education savings. This registered plan allows your contributions and investments to grow tax-free, while benefiting from government grants offered by Canada to support post-secondary education.

What is an RESP?

An RESP is designed to fund your children’s higher education and post-secondary studies by combining your savings efforts with government support.

  • Your contributions generate funds that grow tax-free as long as they remain in the plan.
  • The Government of Canada provides the Canada Education Savings Grant (CESG), and some provinces offer additional matching programs.
  • At withdrawal, amounts are taxed in the hands of the beneficiary, who typically pays very little tax.

RESP and financial planning

The RESP is an essential financial planning tool to prepare for your children’s education. Thanks to the combined effect of contributions, grants, and investments, your children will have greater educational and career opportunities.

 
Talk to an advisor

Our advisors help you to:

  • Determine your ideal contributions based on your goals
  • Maximize the government grants available
  • Select the best investments to optimize your returns
  • Integrate the RESP into your other registered plans such as RRSPs or TFSAs
  • Plan benefits tailored to finance your children’s education

Why invest in an RESP?

Attractive grants

Benefit from Canadian programs to accelerate your savings.

Tax-free savings

Grow your contributions and funds sheltered from tax.

Accessible education

Give your children broader access to post-secondary education.

The advantages of an RESP

  • Accumulate education savings sheltered from tax
  • Access additional benefits thanks to government grants
  • Diversify your investments through different funds
  • Benefit from a registered plan recognized by the Government of Canada
  • Contribute directly to your children’s education and future opportunities
  • Be guided by a financial planning advisor to maximize your results
Book a meeting

Let’s look at the numbers

Tell us about your beneficiary:

Current age cannot be greater than or equal to age starting post-secondary education.
Age starting post-secondary education cannot be lesser than or equal to current age.
How many years do you anticipate your beneficiary will study at a post-secondary institution?
How much do you anticipate that post-secondary education will cost on an annual basis? You may want to consider factors such as tuition, housing and books.
Maximum annual education cost cannot exceed $100,000.

Tell us about your investments:

We’ll assume a 4% rate of return on your investments for these calculations.

How much do you currently have saved in your RESP? This amount cannot be greater than $50,000.
Maximum RESP savings amount cannot exceed $50,000.

Contribute $2,500 per beneficiary for maximum CESG benefit.

How much money will you contribute to your RESP on an annual basis? This amount cannot be greater than $5,000.
Maximum annual RESP contribution amount cannot exceed $5,000.
Do you currently have any additional savings that you’ll be using to help pay for post-secondary education? For the purposes of this calculator, we’ll assume a 35% tax rate on savings growth.
Maximum additional savings amount cannot exceed $1,000,000.
Do you anticipate having additional savings to contribute to help pay for post-secondary education? For the purposes of this calculator, we’ll assume a 35% tax rate on savings growth.
Maximum additional savings amount cannot exceed $1,000,000.

You’re set to exceed your goal by !

Save an additional per year to meet your goal.

  • Surplus
  • Shortfall
  • Projected cost of education
Projected savings
Projected cost of education
Surplus Shortfall
You’ve met of your savings goal. Let’s chat about your next steps.
  • Education costs are assumed to increase at an inflation rate of 2% per year.
  • There is a lifetime limit of $50,000 for RESP contributions. Once the $50,000 limit is reached, additional RESP contributions are allocated towards additional savings contributions.
  • CESG is added at the end of the year to the RESP and interest is gathered the following year.
  • The maximum CESG that can be received in total is $7,200.
  • Interest accumulated through additional savings is taxed at a tax rate of 35%.