Registered Education Savings Plan (RESP)
An RESP is a registered account designed to save for your children's post-secondary education. Contributions can be boosted by government grants (e.g. Canada Education Savings Grant, Quebec incentive), maximizing long-term growth.
Benefits of an RESP
- Government grants to boost your savings.
- Tax-sheltered growth until withdrawal.
- Flexibility in plan type (individual, family, group depending on offer).
How to get started?
We can explain the different RESP options (individual, family, etc.) and help you structure contributions to maximize grants, based on your children's age and your tax situation.
Client example — RESP + government grant
Profile
- Nadia et Philippe
- Their daughter Emma was just born
- They want to plan ahead for her post-secondary education
💡 For every $2,500 invested in an RESP, the government adds up to $500. That's an immediate 20% return.
Solution — Annual contribution
2 500 $
Annual contribution (parents)
+ 500 $
Grant (CESG, 20%)
3 000 $
Total paid / year
16 years
Duration (Emma age 2 to 18)
Total accumulated ≈ $63,000 at age 18*
Assuming a reasonable return, Emma would have significant capital to fund her education without her parents bearing the full cost alone.
*Estimate. Return depends on investments chosen.
- ✔The government contributed about $8,000 over the period
- ✔Tax savings thanks to tax-sheltered growth
- ✔Emma starts her studies with a fund available
- ✔Nadia and Philippe set up a plan from birth — the best time to start