Registered Education Savings Plan (RESP)


When you invest on an RESP, the money is saved tax-free and kept exclusively for your child’s education. According to expert reports, the cost of 4 years of university study is likely to cost over $100,000 by 2020. Therefore it would be wise to plan the future of your child’s education in advance.

Many financial institutions offer RESP’s, but you should be careful when choosing your provider as they will be responsible for managing your contributions, as well as making the payments to the child named in the plan. Additionally, the beneficiary of the RESP does not necessarily have to be your own child. You could designate the RESP to your grandchild, niece, nephew, or anyone else.

Undergraduate tuition fees for Canadian full-time students, by province, 2015/2016

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General Terminology

The SubscriberThe person who sets up the RESP for a beneficiary and contributes to it

The BeneficiaryThis is the child/individual for whom the RESP is set up, and will be the person to use the RESP for costs related to their education.

The Promoter/ProviderThe organization that arranges, administers, and receives a fee from the RESP. There a two types of providers:

1. Financial Institutions such as Banks, Credit Unions, and Investment Firms
2. Group Scholarship Providers

Start saving with an RESP today.