• is a special savings plan (like a savings account
• helps you, your family or friends to save early for a child’s education after high school
• is registered by the Government of Canada
• allows savings for education after high school to grow tax-free and could also gain government money through the Canada Education Savings Grant and the Canada Learning Bond, if you qualify.

Benefits of RESP Canada

There are many benefits to saving for your child's post-secondary education with a Registered Education Savings Plan (RESP Canada).
The money is there when you need it
We make it easy to start early and contribute regularly so that you'll have the funds you need, when you need them, for your child's education.

Free Quotes of RESP

At Instant Cover, find free quotes for Registered Education Savings Plan today and get your child’s future secure.

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	Number of Children	Choose Option 1 2 3 4

	Name of the Child	Current Age of the Child	Age when starting Education	Years of Education
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Government contributions

The federal government may add to your RESP Canada 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.

Tax-sheltered Growth

Although contributions are not tax-deductible, all investment income generated in the RESP is tax-sheltered as long as it remains in the plan.
Flexibility

You can decide how much money should be withdrawn and when it should be withdrawn.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.

Tax savings

When money is withdrawn and used to pay for the child's post-secondary education, the plan earnings and government contributions are taxed in the child's hands.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, the child may pay little or no taxes on the money.

Types of RESP Canada Plans –

For an Individual Plan, the subscriber names just one person as the beneficiary of the plan. The designated beneficiary can be anyone - a child, grandchild, niece, nephew, spouse, friend or even the subscriber him/herself. For an Individual Plan, there is no restriction on the subscriber's relationship to the designated beneficiary, or the age of the beneficiary. Further, except for some programs, in an individual plan, you may change your designated beneficiary at any time. Therefore if you establish a RESP for one child, and they do not go to school, you can designate someone else.

With the Family Plan, the subscriber can name more than one beneficiary to the plan. However, each beneficiary must be related to the subscriber by blood or adoption, and must be under the age of 21. If one child in the Family Plan does not pursue post secondary training, then the other children in the Plan may use the money.

When the beneficiary of the Plan is not the subscriber, or the subscriber's child, the trustee for the RESP Canada must notify the beneficiary's parents/guardians within 90 days of the establishment of the plan. This is to ensure that if more than one Plan exists for a beneficiary, contributions do not exceed the maximum.