Benefits & Rebates | Family & Child Benefits

Registered Education Savings Plan Guide: Saving for Your Child’s Future in Canada

A Registered Education Savings Plan (RESP) is one of the most popular ways for Canadian families to save for post-secondary education.

RESPs can provide access to government incentives, including the Canada Education Savings Grant and the Canada Learning Bond.

This guide explains how RESPs work, the available incentives and why opening an account early can make a significant difference.

RESP: Quick Summary

RESPs are designed for education savings.
Government grants may be available.
The Canada Learning Bond can be deposited into an RESP.
Investment growth is tax-deferred.
Contributions are flexible.
Multiple beneficiaries may be supported.
RESPs are available through many financial institutions.
Funds are intended for post-secondary education expenses.

What Is an RESP?

An RESP is a registered savings account that helps families save for a child’s future education while benefiting from government incentives.

Government Incentives

Program	Description
Canada Education Savings Grant	Government matching contributions.
Canada Learning Bond	Support for eligible lower-income families.

Why Open an RESP Early?

Opening an RESP early allows families to maximize compound growth and government incentives over time.

How to Open an RESP

Choose a financial institution.
Select an RESP type.
Provide beneficiary information.
Open the account.
Begin contributing.

RESP Frequently Asked Questions

Can grandparents contribute?

Yes. Family members may contribute to an RESP.

Is an RESP tax deductible?

No. Contributions are not tax deductible.

Can multiple children be included?

Yes. Family RESPs can support multiple beneficiaries.

What happens if the child does not attend post-secondary education?

Specific rules apply depending on the circumstances.

Related Northbly Guides

Official RESP Information

Visit the Government of Canada website to learn more about RESPs and available education savings incentives.

Visit the Official RESP Website

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