Education Plan


Registered Education Savings Plan - Educational Savings

What is a Registered Education Savings Plan (RESP)?

An RESP can help parents pay the cost of their kids’ education after high school. These costs are rising. A four-year college or university program in Canada now costs between $20,000 and $50,000. By 2019, that cost may rise to between $45,000 and $74,000.

How does an RESP work?

  • A Registered Education Savings Plan (RESP) is a special plan that helps you save for a child’s studies after high school. Over the years, you put money into the plan and invest it so it will grow.
  • When you open an RESP, you name someone who will use the money for their education. You can name a child, a grandchild, or any other family member. In some cases, you may be able to name yourself or a friend. The person you name must be a Canadian resident and have a Social Insurance Number.
  • If you save for a child age 17 and under, the Government of Canada will also put money into the RESP as a grant. Getting a grant is like getting free money towards education. The grants stop at the end of the year when the child turns 17.

Why would I choose an RESP?

  1. You save more than you would on your own. The government grants can really add up over the years.
  2. It helps you stick to a savings plan. For example, with many plans you can set it up so you put in money each month.
  3. Your savings grow tax-free. There is no tax on the money you make investing, as long as it stays in the plan.

Learn more now

Read more about RESPs from the Ontario Securities Commission.

Remember: You don’t have to save a lot each month to open an RESP.

Even $10 a week can add up over the years. With government grants added to your savings, even a small amount will grow a lot over time.

Call us for a Free Consultation:


  • No comments found
badlands.jpg CFL TigerCat Cheerleaders, Hamilton, ON.jpg Univerity college U of T, Toronto, ON.jpg parliament.jpg lightning.jpg Ukranian Church.jpg Rogers Center 2.jpg Brock U.jpg escarpment.jpg TorontoWaterFront.jpg ROM1.jpg Guelph U.jpg Niagara falls.jpg vineyard2.jpg York U.jpg Niagara vineyard.jpg Rogers Center-football.jpg Hamilton.jpg Lake Muskoka.jpg Wolf Lake.jpg Goose1.jpg Pearson.jpg LondonSkyline.jpg Western U.jpg Via_1.jpg Burlington.jpg Queens U.jpg UnionStation.jpg toronto harbour.jpg Rogers Center 1.jpg Eaton's Center.jpg Halton Country.jpg TorontoBeach.jpg CanadianRail.jpg Queens U 2.jpg WindMill.jpg RoyalYork.jpg Hockey Hall of Fame, Toronto, ON.jpg Croatian Franciscan Centre.jpg CottageCountry2.jpg Sunset1.jpg HartHouse, TorontoON.jpg cottagecountry.jpg Yonge St.jpg Moose.jpg