Registered Education Savings Plan (RESP)

Get help with your child's future tuition costs! Discover matching government contributions and tax-sheltered earnings.

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Registered Education Savings Plan (RESP)

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Discover the benefits of RESPs!

  • Enjoy matching government contributions
  • Pay less tax
  • Discover flexible redemption options
  • Avoid hidden fees

See how much you can save!

Discover RESP matching contributions

Through the Canada Education Savings Grant (CESG), the Government will match 20% of each dollar you put into an RESP account (up to $2,500/year to a lifetime maximum of $7,200). That’s thousands of dollars of free tuition!

Save money on tax

You won’t pay any taxes on the interest you earn in your RESP. It’s a tax-sheltered investment to help you save more for your child’s education.

Enjoy easy and flexible redemption options

Redeeming RESP funds is as simple as providing proof of enrollment. If your child chooses not to go to college after they graduate, no problem:

  • They have 35 years from the time the plan was opened to use the funds.
  • A sibling going to school can use the funds.
  • You can get your principal contributions back and roll over the interest into your RRSP. 

Enjoy free banking

There’s no charge for investing in an RESP. And you’ll always have free access to friendly advisors who can help you reach your education savings goals.


Our No-Fee Bank Account has no monthly fees and no minimum balance requirements. Save ~$11/month in fees!


Earn cash dividends simply by doing your everyday banking with us. The more you bank with us, the more you benefit.


Your business helps us support your community. We allocate 2% to 4% of pre-tax profits/year to our communities.

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RESP Frequently Asked Questions?

RESPs are available to any child who is a Canadian resident with a Social Insurance Number.

No, they’re not. However, money paid out of an RESP is paid, and taxed, to the student. Because most students make low to no income, they can usually withdraw RESP funds tax-free. 

The lifetime contribution limit is $50,000 per child. The Canada Education Savings Grant (CESG) will only match a lifetime maximum of $7,200 per child.

Added Resource

You can also view our consolidated RESP brochure (pdf).

Help your child succeed

Get thousands of dollars to help with tuition costs. Start building your child’s future today!

Rates subject to change without notice.

Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.

Understanding Registered Education Savings Plans

What is a Registered Education Savings Plan in Canada?

A Canadian Registered Education Savings Plan (RESP) account can be a great way to save for your child’s education. Let’s take a closer look at RESP benefits, how and where to open an RESP, and more.

What is an RESP Account?

Let’s start with the basics. RESP accounts are designed to help families save for a child’s advanced education in the long term. A parent, family member, or any other individual can open one at a credit union or other financial institution. The funds held in an RESP are intended for post-secondary use, i.e. university-level studies. 

By investing in an RESP, you can make it easier for the beneficiary to continue their education and potentially build the foundation for a rewarding career. Whether it’s your own child, your niece or nephew, a family friend, or even yourself, an RESP helps address the costs of higher education.

If you’re looking for more comprehensive information about RESP contributions and accounts, RESP matching, or related topics, check out our in-depth RESP guide.

So far, an RESP sounds like a savings account, but with more restrictions. Why do so many families choose to use RESP accounts? Key benefits of RESPs include:

  • Access to government grants. Contributions to an RESP make the account eligible for a partial match from the Canada Education Savings Grant. Every RESP account will earn an additional 20% in grant money on the first $2,500 paid into the account each year. Individuals and families with lower incomes can earn up to an additional $100 in CESG grant money each year.

  • Even more government assistance. The Canada Learning Bond pays up to $2,000 to qualified beneficiaries with an RESP born after January 1, 2004, based on income level.

  • Can hold qualified investments. Qualified investments, like Guaranteed Investment Certificates and mutual funds, can be placed in an RESP. These investments can generate additional income over time, sometimes more than is possible through just interest paid on cash deposits.

  • Tax advantages. Contributions made to an RESP are taxable, but withdrawals made by students are generally taxed at a low level or not at all. Eligibility for tax (or the lack thereof) is determined by the student’s tax bracket, so some exceptions are possible. 

One of the Best RESPs in Canada

Make university more affordable for the people you care about. With an RESP, you have an account designed to do exactly that and support from our knowledgeable and experienced team. Plus, you'll Save, Earn, and Give with competitive RESP interest rates and cash dividends for banking with us.

Our team is ready and waiting to help you open an RESP account.