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Registered Education Savings Plan

RESPs are a government approved tax-sheltered savings plan and one of the best ways to ensure that your children have the funds they need to attend college or university someday. 


Advantages of contributing to an RESP


  • You are able to open an RESP for your child or a relative  

  • You can open up an individual or a family plan depending on your situation

  • Every year, 20% of every $2,500 is matched by the federal government, up to a lifetime maximum of $7,200 per child

  • When your child starts college or university and withdraws funds from the RESP, it is taxed in their name which means less tax on the payments

  • Income earned under the plan is not taxed until it is withdrawn

  • Canada Education Savings Grant (CESG) through the federal government will contribute 20% annually on the first $2,500 deposited into an RESP for children up to the end of the year they turn 17

  • You are able to contribute up to $50,000 per beneficiary and lower income families can qualify for additional funds through the Canada Learning Bond

  • The Canada Learning Bond (CLB) provides an additional grant of up to $2,000 per child to help families with a modest income. Children must be born after December 31, 2003 to qualify


Youth Perks

Take a look at what is available for younger members

Canada Revenue Agency

Understanding the benefits 

Trust Accounts

Another means of saving for their future


Looking Ahead

Saving for your children's future is hard. Allow us to help.


Become a Member Today