Registered Education Savings Plan (RESP)
What is RESP? It is a special savings account registered with the Government of Canada to help you, your family or friends saving early your child’s education after high school.
The money in the RESP will be invested so it can grow and earn interest.
You will not be taxed on the interest, and your child can usually withdraw the money tax-free. Any money that you, your family or friends put in the RESP is also eligible for the Canada Education Savings Grant. The Canada Education Savings Grant could add up to $200 on the first $500 you save annually, and up to $400 on the next $2,000. Even savings of $5 a week can make a difference, especially when the Canada Education Savings Grant is added. That money will also earn interest over time. The sooner you start to save, the more your savings will grow.
To be able to get your child a cover under RESP, a beneficiary must meet the following requirements:
Be a resident or Citizen of Canada
- Social insurance number (SIN)
Type of RESP’s:
…Choosing a Registered Education Savings Plan (RESP) provider With so many options to choose from, be sure to take the time to carefully choose an RESP provider that best meets your needs. The provider will help you choose the right RESP, advise you on making investments, administer your RESP and provide the money when your child is ready for post-secondary Plan (RESP) contributions of up to $2,500. That means the CESG can add a maximum of $500 to an RESPeach year. Children from middle- and low-income families might be eligible to get the Additional amount of CESG. If eligible, that means an extra 10% or 20% is added to the first $500 contributed to an RESP each year. The Additional amount of CESG may be: up
Are a resident of Canada have a valid Social Insurance Number (SIN) are named in an RESP Children in care, for whom a Children’s Special Allowance is payable, are eligible for the CLB. The primary caregiver or their spouse or common-law partner requests the CLB on behalf of an eligible child. Savings Grant (CESG) Information on money paid by the Government of Canada up to a maximum $7,200, to encourage parents, friends, and family members save early for the post-secondary education of a child. Registered Education Savings Plans (RESPs) Information on the tax-sheltered education savings account that can help you, your family, or friends save Savings Grant (CESG) Information on money paid by the Government of Canada up to a maximum $7,200, to encourage parents, friends, and family members save early for the post-secondary education of a child. Registered Education Savings Plans (RESPs) Information on the tax-sheltered education savings account that can help you, your family, or friends save.
RESP in respect of which a CES grant has been paid. (cotisation subventionnée) brother brother in relation to a beneficiary, includes a son of the common-law partner or spouse of a parent of the beneficiary. (frère) CLB CLB means Canada Learning Bond. (Version anglaise seulement) CLB account CLB account means an account that holds the CLB paid into an RESP