What is an RESP?

RESP:
{noun}

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!

Amount calculated Savings period Earnings Grants Savings

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

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How much could my RESP really earn?

The sooner you contribute, the more you earn

year(s)

You can set up an RESP for only $10.50/month

$/month
In which province do you live?

HOW DO RESPs WORK?

Whether big or small, your contributions grow quickly in a registered education savings plan!

START

Signing a Contract

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.

Q – When can I start making contributions to an RESP?
Q – I want to learn more about RESPs. Who do I contact?
Q – Can I open an RESP for a child who is not a Canadian resident?
Q – Do I have to apply for the grants?
Q – Am I obligated to provide both my social insurance number (SIN) and that of my child?

RESP Contributions

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!

Q – Do I have to make regular contributions or can I contribute whenever I want?
Q – If I choose the REFLEX Plan, can I change the amount of my contributions along the way?
Q – Money just got tight due to an unexpected event! Can I skip a few contributions to my RESP?

Investment Growth

Don’t forget the government supplements your contributions with grants. Your child could be entitled to up to $12,800 in grant money.

Q – How are government grants paid into my RESP?
Q – I’d like to change my RESP beneficiary. Is that possible?

Post-Secondary Education on the Horizon

You’re almost to the finish line: your child will be graduating from high school soon and is beginning to think seriously about the future. It’s time to plan ahead and make a few decisions.
Soon you will be able to request reimbursement of your contributions and fees, if applicable

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.

. Rest assured that we will contact you in a timely manner to let you know how to proceed.
Soon, your beneficiary (student) will also be able to request a first educational assistance payment (EAP) online. Stay posted!

Q – My child doesn’t plan to go to school. What will happen to my RESP?
Q – My child plans to pursue a trade-school program instead of going to a university. Will I lose everything?
Q – My child would like to study in a foreign country. Is my RESP still good?

Refund of Contributions

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.

Q – When can I request the refund of my contributions?
Q – Is the refund of contributions paid to me or my beneficiary (student)?
Q – My child isn’t enrolled in a post-secondary program yet. What are my options?

Payments to the Student

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.

Q – Withdrawing EAPs: How does it all work?
Q – When can my child request an EAP?
Q – Can EAPs be used to cover expenses other than tuition?

"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

Legal Notes

  1. Investments made in T-Bills and governments bonds. Please note that the refund of contributions at plan maturity includes the sales charges of $200 per unit under the REFLEX Plan and Universitas Plan. Under the INDIVIDUAL Plan, the $200 sales charge is non-refundable. Certain conditions apply; see our prospectus.
  2. Certain conditions apply; please see our prospectus.
  3. The additional contribution amount is at the subscriber’s discretion ($50 minimum).
  4. Subject to the minimum amounts required for the first contribution and subsequent deposits. For more information, please see our prospectus.
  5. For detailed information on these options, please see our prospectus.
  6. For a complete list of eligible programs, please see our prospectus.

See also