Registered Education Savings Plan (RESP)


A Registered Education Savings Plan (RESP) is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary.

Income earned within the plan is not taxed until it is withdrawn. Investing in an RESP will give you and your family members more financial freedom when making the choices that will affect their future. By starting now, you can grow your education funds by making affordable, convenient monthly deposits. Planning today for tomorrow is the smart way to realize your family’s education goals.

Advantages of an RESP Expand/Collapse

  • Government Incentives provide additional education funding
  • Income earned within the plan is tax-sheltered until withdrawn. If withdrawn by the beneficiary, he or she will usually have a lower marginal tax rate
  • An RESP provides long-term planning for a beneficiary to attend a post-secondary institution
  • Contributions belong to the subscriber and can be withdrawn without consequence when the beneficiary is EAP eligible

Contribution Limits for RESP's Expand/Collapse

Lifetime: $50,000 per beneficiary