Open an Account
Registered Education Savings Plan (RESP)
A Registered Education Savings Plan (RESP) is a savings account that you can open at a bank or credit union, offering tax-free growth and free federal government grants right up until your child begins their post-secondary education.
The federal government will contribute to the RESP just for opening the account. You don’t even have to put in your own money, but if you do, the federal government will add to it. And anyone can contribute—grandparents, extended family, caregivers or friends.
By saving just $1 per week, your child could have close to $3,000 in an RESP to put toward tuition, food, transportation or rent when it comes time to enroll in post-secondary studies.
Some of the benefits of an RESP:
- Yor child is more likely to continue with his learning journey by going to trade school, college or university if he knows you have saved money for his education.
- Your child’s potential for earning a higher income is greatly enhanced with a post-secondary education.
- If your child was born in 2004 or later, the federal government will contribute to the RESP just for opening the account, even if you don’t put in any of your own money.
- As long as your child is under 17, the federal government will add to any money you decide to save.