Registered Education Savings Plan (RESP)

Introduction

A Registered Education Savings Plan (RESP) is a special savings account to help save for a child's education after high school. Anyone can open an RESP account for a child and put money ("contribute") into it—parents, guardians, grandparents, other relatives, or friends.

After you open an RESP, you may be eligible for free money that the Government of Canada adds to the account for children who come from low-income families:

  • Canada Learning Bond (a maximum of $2,000, no contribution necessary)
  • Additional Canada Education Savings Grant (maximum of $7,200 contribution match).
Eligibility

The child is eligible if they:

  • are a resident of Canada
  • have a valid Social Insurance Number (SIN)
How to apply

Open an RESP

  • Get a SIN for BOTH yourself and the child.
  • Choose a participating RESP provider (banks, credit unions, certified financial planners, and group dealers) that best meets your needs.
    • Ask if they offer the Canada Learning Bond (CLB) and the Additional Canada Education Savings Grant.
    • Here are some other questions to ask an RESP provider to make sure they're the right fit for you.
  • Contact a provider and make an appointment to open an RESP.
    • You do not need a bank account to open an RESP.
Difficulty
Moderate Application
Tax filing
Yes
Jurisdiction
Topics
Education and training