A registered education savings plan (RESP) is an investment vehicle specifically designed to help parents save for a child’s post-secondary education. You can also reach your investment goals faster thanks to substantial government grants that supplement your contributions.
With an RESP, your savings and government grants grow tax-free over the years.
The RESP is an easy way to save that really pays off!
Our plans provide educational assistance payments for vocational/trade school, college, or university programs here in Canada or abroad!
Paid to the student as funds for school. These are called educational assistance payments (EAPs).
The contributions invested are returned to the subscriber (person who opened the plan), who can choose to give this sum to the student or keep it for other life projects.
The refund of your savings is guaranteed, whether you child goes to school or not.1
will be available in funds for school
Paid to the beneficiary (student) in the form of educational assistance payments (EAPs) for school.
Contributions are returned in full to the subscriber (person who opens the RESP) at plan maturity. The subscriber can choose to give this money to the student as extra funds for school.
*The RESP calculator does not take into account the additional grants offered based on adjusted family net income. Your children could be entitled to higher amounts than those projected. These projections are for information only and are not guarantees of future investment returns. The ratios presented are not representative of reality and are only for information purposes.
The calculation tool generates projections for information only and is designed to illustrate the overall advantages of an RESP. This tool does not specifically apply to group RESPs. The projected growth—net of all administrative/management fees—of grants and savings is based on a net 5% rate of return assumption. As an assumption, iIt cannot be considered a guarantee of future performance, nor interpreted as a commitment on our part.
The RESP calculator takes into account the basic 20% Canada education savings grant (CESG) and the basic 10% Quebec education savings incentive (QESI), only offered in Quebec. The lifetime CESG limit per beneficiary is $7,200 and the lifetime QESI limit is $3,600.
Certain restrictions apply: The annual CESG limit is $600, the annual QESI limit is $300, and the lifetime RESP contribution limit is $50,000 per child.
If your adjusted family net income is modest, your beneficiary could be eligible for the additional CESG and QESI. If you receive the National Child Benefit Supplement, your child could also receive the Canada Learning Bond, offering a lifetime amount of up to $2,000 for children born after December 31, 2003. Certain conditions apply. Contact one of our authorized representatives or refer to our prospectus.
We offer different contribution options. A minimum subscription amount is usually required. For further details, contact one of our authorized representatives or refer to our prospectus.
Whether big or small, your contributions grow quickly in a registered education savings plan!
This is when you set up your savings plan.
Our representatives draw on their expertise in education savings to guide you through the process of setting up an RESP tailored to your specific needs and situation.
You can start contributing to an RESP as soon as your child is born. By opening a plan during your child’s early years, you optimize the advantages of the RESP.
If you didn’t get around to setting up a plan when your child was a baby, don’t worry—it’s never too late to invest in an RESP! You can recover unused grants from previous
years2, so a late investment still offers a lot of advantages.
Did you leave grant money on the table over the years? Learn more about our RESPEED-UP Program, which can help you quickly recover your unused grant entitlements from previous years! This strategy could bring in a hefty sum in extra education funds.
Contact one of our representatives.
A representative can explain everything you need to know about RESPs and recommend the plan best suited to your investment needs and goals.
No, unfortunately that’s not possible.
The child (beneficiary) must be a Canadian resident at the time the plan is opened and while contributions are being made to the RESP. This is a legal requirement under Canada's Income Tax Act.
No, Universitas takes care of everything. At the time you open your plan, your representative will have you sign the appropriate application forms. Universitas then applies for the grants on your behalf. Simple and convenient!
We only need your social insurance number (SIN) and the SIN of your beneficiary. You can provide these numbers to your representative when you open your plan, or subsequently via the Client Space.
The Canada Revenue Agency does not allow us to register your plan as an RESP without these numbers. You must provide the SINs within 12 months of the contract signature date for your plan to remain effective.
But remember—the sooner we receive the SINs, the sooner you receive the grant money.
You choose how long you want to save: 2 years, 5 years, 10 years, or longer.
You can opt for the convenience of monthly pre-authorized debits or choose to contribute annually to your RESP.
Once you’ve chosen the option you prefer, your plan is ready to go! The only thing left to do is contribute!
- Monthly contributions over 5 years, 10 years, or longer (based on the child’s age)
- Annual contributions over 2 years, 5 years, 10 years, or longer (based on the child’s age).
Sales charges are withheld when contributions are decreased, but can be credited back, in part or in whole, if you open a new plan or increase your contributions to an existing plan in the 48 months following the decrease.
At Universitas, we understand that life can sometimes throw a curve ball, forcing us to make a new game plan.
If you chose to contribute according to a pre-established schedule (REFLEX Plan), but need to suspend your payments for a while along the way, you can6.
Several options are available to help you resume your savings plan once you’re back on your feet.
If a problem arises, we can offer you a solution adapted to your situation.
Don’t forget the government supplements your contributions with grants. Your child could be entitled to up to $12,800 in grant money.
After you open a plan, Universitas takes care of everything. We apply for the grants on your behalf and the sums to which your child is entitled are deposited directly into your RESP account according to the contributions you make.
Want to know how much your child could receive? Learn more about the government grants available!
An amount equal to the total sales charges you paid is refunded to you at plan maturity of our REFLEX and UNIVERSITAS group plans.
In the case of the INDIVIDUAL Plan, the $200 sales charge is not refunded.
As planned, you will receive the full refund of your contributions and sales charges at plan maturity1, even if your child does not pursue a higher education.
You can then choose one of the following solutions, under certain conditions5:
Not at all!
Our plans provide educational assistance payment (EAPs) for all levels of post-secondary education.
Your child will therefore be entitled to EAPs and will be able to request them as the qualification criteria of the plan you hold are6. Please see our chart detailing these criteria to more accurately determine when your child will receive EAPs.
As for you, the subscriber, you recover the full amount of the contributions made to your plan and the sales charges paid, whether or not your child goes to school1.
Yes it is.
Our RESPs provide EAPs to beneficiaries even if they choose to pursue a post-secondary education outside Canada. EAPs will be issued according to the qualification criteria for the plan you hold.
Time to reap the rewards!
Your contract has reached maturity and you have recovered the full amount of your contributions and the sales charges1.
You can spend this tax-free refund as you see fit!
At this stage, to ensure your beneficiary receives all the grant money accumulated in your RESP, the government requires that you provide proof of your beneficiary’s enrolment in an eligible post-secondary program of study.
Your contract maturity date is determined at the time you open your plan.
Plans mature in the year the beneficiary turns 17, which is usually the year your beneficiary is expected to begin a post-secondary education.
The contributions you made to your plan during the savings period are repaid to you (the subscriber) at plan maturity. You can then choose to give this sum to the student as additional funds for school, or keep it and spend it as you wish. Remember that this refund is tax free!
The student, on the other hand, receives the grants and their earnings, as well as the earnings on your savings. These amounts make up the educational assistance payments (EAPs).
An RESP expires on the last day of the 35th year following the year the plan took effect. This is known as the cut-off date.
Your beneficiary has reached a major milestone: starting post-secondary education!
Now they can start receiving educational assistance payments (EAPs) according to your plan's criteria. EAPs include the government grants and the earnings on the grants and your contributions.
To learn more about how EAPs are calculated, see our prospectus. You’ll find all the information you need.
Under the INDIVIDUAL Plan, the subscriber decides when to withdraw sums from the RESP for a beneficiary pursuing eligible studies. The subscriber also chooses the amount of the EAPs, subject to the legal limits.
Subscribers who hold a Universitas Plan can find more information in their Client Space.
Beneficiaries can request and receive their other payments as and when they meet all the applicable plan criteria.
Under the INDIVIDUAL Plan, you (the subscriber) decide when and in what amount payments are issued to your student beneficiary, subject to the established limits.
To learn more about the terms of the UNIVERSITAS Plan, visit your Client Space.
Educational assistance payments can be used to cover tuition and all other education-related expenses, such as housing, school supplies, computer equipment, groceries, transportation (e.g., bus fare), car expenses, and more.
"My RESP gave me the means to attend one of the best schools in the world in a field I’m passionate about."
Léonie Pilote – Montreal National Circus School DCS – Circus Arts