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RESP - A tax deferral vehicle to save for a child's education. Contributions are not tax deductible, as they are with an RRSP, but the income from plan grows tax free. When the child goes on to post-secondary education the RESP provides income, which is taxable to the child, but usually at a lower rate. If the child does not go on to to post-secondary school, the amounts contributed to the RESP are repaid to the contributor but not the income. The income must be used to for other beneficiaries as scholarships or can be donated to educational institutions. The maximum contribution is $1,500 per year and $31,500 in a lifetime and the RESP may only be tax sheltered for 26 years. Taken from the Fiscal Agents Glossary

As the cost of education continues to increase, the need for an effective education savings vehicle is now more important than ever. A Registered Education Savings Plan (RESP) may be just the tool you have been looking for.

By saving for a child's education, you are making an investment in the future and RESPs work to make it easier by allowing contributions to grow tax deferred until they are deducted. This type of education savings plan is also useful for others who may want to make an investment in a child's future, such as a grandparent, aunt or uncle.

An RESP, coupled with the federal government's Canada Education Savings Grant (CESG), which contributes 20 per cent of contributions made to an RESP to a maximum amount, can go a long way to changing post-secondary education from an expensive possibility to an affordable reality.

Available on the Human Resources Development Canada website is the Savings for Post-Secondary Education Calculator, which is rich in detail and highly recommended.

RESP Related Links

Listed below are sites external of our own which we feel can help you plan your strategy for education saving.
This web site is a one-stop reference point for those who are presently enrolled in post-secondary education or considering it in the near future. It contains information about the Canada Student Loans Program and National Student Loans Service Centre as well as links to the web sites for these programs. It also features a section that showcases information and tools that can be used to match personal and career goals to learning opportunities. This site is the domain of the Ontario Student Assistance Program (OSAP). It provides information about the OSAP program, how it works, money available and the responsibilities you incur when you receive OSAP funding. This site allows you to apply for OSAP assistance online, check the status of a current application or update the information contained within your file. You can also research a particular institution to find out about graduation and employment rates and you can discover if the institution you have chosen is approved for OSAP. ScholarshipsCanada is a comprehensive web site dedicated primarily to providing information about the various scholarships available across Canada. In addition to this, it contains an extensive database of bursaries, student awards and grants and features tips on how to apply for these educational benefits. Information on effective budget planning and student loans can also be accessed.
This site will definitely by of use to those looking for information on a particular educational institution in Canada. It features detailed information about programs, costs, admission requirements and contact information for over 600 colleges, universities and career colleges. It also contains information on student loans and provides tools that can be used to discover more about specific careers and industries.

Featured reading on RESPs

Money Management Newsletter

Who's eligible for the RESP grant?

An educational RESP for rising costs - Which do you choose?

Start saving now for your children's education

Beware tax implications of gifts to grandchildren

Our Bookstore section contains details related to books that we recommend for various areas of investing. Also provided are links to ordering information on each title from

Featured titles for Retirement Savings include:

Winning the Education Savings Game: RESPs and Other Strategies for Canadians
Written by
Tim Cestnik

Pooled Funds

Pooled RESP - An RESP in which the investment earnings on the funds contributed by a group of subscribers are allocated only to those beneficiaries who pursue a post-secondary education. Also referred to as an education trust, a scholarship trust or a group RESP. Taken from the Fiscal Agents Glossary

Canadian Pooled RESP institutions
Canadian Scholarship Trust Foundation
Ontario Graduate Scholarship Program
Heritage Scholarship Trust Foundation

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