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Turn today’s savings into tomorrow’s opportunities.

A Registered Education Savings Plan (RESP) is a special savings plan for parents, family and friends who want to create a very good start for a child's post-secondary education.

What is an RESP?

The tax treatment of RESPs is different from other registered products in that contributions are not tax-deductible. But there are lots of other benefits.

Earnings within the RESP are tax-sheltered, and the federal government will contribute 20% of contributions (maximums apply). When withdrawals are made by the student it is taxed as their income—and students are usually in very low tax brackets!

Your RESP can hold a variety of qualified investments*, such as cash savings, GICs, mutual funds, stocks, bonds, and ETFs. In partnership with Aviso Wealth, we can customize your portfolio to match your risk tolerance and savings goals.

Key benefits of an RESP

  • Tax-deferred growth – Investments grow tax-free until withdrawal.
  • Government grants – Access to the Canada Education Savings Grant (CESG), which matches 20% of the first $2,500 deposited to maximums of $500 per year and $7,200 over the lifetime of the RESP.
  • Additional government support – Low-income families may qualify for the Canada Learning Bond (CLB).
  • Multiple beneficiaries allowed – A family RESP can support more than one child.
  • Flexible use - Funds can be used for various post-secondary education expenses, including tuition, books, and living costs.
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Featured RESP Rates

*Rates subject to change

1.00%

Variable Savings

2.00%

1-Year GIC

3.00%

5-Year GIC

Eligibility

  • To open an RESP you must have a valid social insurance number (SIN) and produce the child's SIN and birth certificate or permanent resident card.
  • No age limit for opening an RESP, but CESG is only available until the end of the calendar year the beneficiary turns 17.

RESP vs. TFSA

Feature

RESP

TFSA
Government grants
Tax-deductible contributions
Tax-free withdrawals
Contribution limit No annual limit; lifetime maximum of $50,000 per beneficiary Annual limit plus unused room from previous years
Withdrawal purpose Must be used for educational purposes No restrictions

Did you know?

  • You can contribute to an RESP for up to 31 years, and the plan can remain open for a maximum of 35 years.
  • If the beneficiary does not pursue post-secondary education, contributions can be withdrawn tax-free, but grants must be returned to the government.
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Ready to get started?

Our knowledgeable advisors are here to help you take the next step—whether you're opening a new account, planning for the future, or simply exploring your options. Let’s talk about what’s right for you.

Book your appointment
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*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.

Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.