RESP

Give your child's education fund a boost.

The Registered Education Savings Plan, or RESP, can help you save for your child or grandchild’s education. You can put a wide variety of investments into an RESP, without paying taxes on the interest earned. Plus, the federal government will help boost your contributions with a grant - they'll match 20% of your first $2,500 in contributions every year. Talk to your local branch about opening an account today.

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About RESPs

All of the earnings on an RESP are sheltered from taxes until the student withdraws the money and is required to pay income tax on the withdrawals
RESP funds can be used for any accredited school – including most universities, trade schools and colleges and accredited religious colleges
The government’s grant only applies to the first $2,500 of contributions per year – i.e. the yearly maximum matching contribution is $500
With a family RESP, parents can invest for several children within a single plan
Upon withdrawal, the RESP funds can be used for tuition, books, fees and living expenses
You can start an RESP for any child who is under the age of 21
You can put a wide variety of investments in an RESP