Registered education savings plan (RESP)

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Experts estimate that the cost of post-secondary education could reach as much as $100,000 in the next 10 to 15 years.

An RESP is an ideal way to finance a child's post-secondary education, as it allows you to accumulate up to $50,000.

  • Build tax-free savings.
  • Benefit from a Canada Education Savings Grant equal to 20% of your annual contributions.1,2
  • If you are a Quebec resident, you'll be eligible for a Quebec Education Savings Incentive from the government of Quebec equal to 10% of your annual contributions to the plan.2

Who can be a beneficiary?

The beneficiary can be your child, grandchild, niece or nephew who enrols in a recognized post-secondary institution as a full-time student, regardless of his or her age. An individual can be the beneficiary of more than one RESP.

What happens if the plan beneficiary doesn't enrol in a post-secondary institution?

  1. You can designate a new beneficiary.2
  2. You can transfer the contributions to your RRSP or your spouse's RRSP2, subject to very specific terms and conditions.
  3. You can donate your RESP income to a qualifying educational institution and enjoy the tax advantages of a charitable donation.
  4. You can use the funds in your RESP, for which you will be taxed at your regular income tax level, plus an additional 20 percent.2

1 Grants may be paid up to December 31 of the child's 17th year. The beneficiary child must reside in Canada and have a Social Insurance Number. If grants are not claimed, you may do so until December 31 of the beneficiary's 17th year, provided the plan is still in effect, in accordance with the contributions made.

2 Subject to the terms and conditions provided for by law (see the websites below).
For more information about this product, visit the following websites:

Canada Revenue Agency
Revenu Québec 

Important: If funds are withdrawn from an RESP for purposes other than education, the Canada Education Savings Grant must be repaid to the government. However, be careful when choosing a plan as although the government allows you to withdraw income from an RESP, the company with which the RESP is registered may not authorize withdrawals or may impose restrictions on them.

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