About Registered Education Savings Plan

Invest in your children’s future today.

A Registered Education Savings Plan (RESP) is a tax-deferred investment plan designed to assist you in saving for your child’s or grandchild’s post-secondary education. Unlike an RRSP, your contributions to the plan can’t be used to reduce your earned income for tax purposes. They are, however, allowed to grow on a tax-deferred basis within the plan. The earnings are taxable in the hands of the beneficiary (the student, who’s usually in a lower tax bracket) when withdrawn.

Key Benefits

For 2007 and later years, there is no annual limit for contributions to RESPs, however, the lifetime limit on the amounts that can be contributed to all RESPs for a beneficiary is $50,000.


Qualify for the Canada Education Savings Grant and the Government Of Canada will contribute additional funds to your child’s RESP (up to a lifetime limit of $7,200 per child).


In addition to federal grants, you can qualify for the Québec Education Savings Incentive (QESI), a tax measure that encourages Québec families to start saving early for the education of their children and grandchildren, from the very earliest years.


Under certain conditions, you can transfer funds from one RESP account to another, ensuring that every dollar you have saved is indeed used for your children’s education.

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