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Home > Investment / RRSP / TFSA > Registered Education Savings Plan (RESP)
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Plan for your children's future today
With a Registered Education Savings Plan (RESP), you can set money aside and enjoy tax-sheltered growth until your child begins post-secondary studies. Once university starts, payments from the accumulated funds will give your child the freedom to focus on schoolwork.
RESP features
Available plans
Investment options
Start saving today - an example
Open an RESP account
Reference
RESP FEATURES
- Grow your savings faster for your children's education
- No foreign content limit
- Take advantage of the Canada Education Savings Grant (CESG)
- represents 20 % to 40 % of annual contributions
- up to $ 500 a year per beneficiary
- For more details, visit the National Bank Direct Brokerage website
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AVAILABLE PLANS
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Individual RESP
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Family RESP
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Beneficiaries
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A single beneficiary regardless of relation to subscriber
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One or more beneficiaries, who must be related to the subscriber by blood or adoption
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Age limit
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No age limit
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The beneficiaries must be under 21 years of age
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Breakdown among beneficiaries
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Contributions, withdrawals and Educational Assistance Payments apply to a single beneficiary
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Contributions are split by the subscriber among the beneficiaries
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If the child does not pursue higher education
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A new beneficiary may be designated
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The other beneficiaries can split the contributions
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INVESTMENT OPTIONS
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START SAVING TODAY - AN EXAMPLE
It is best to start investing in the first few years following a child's birth to benefit from government grants and establish a solid investment strategy.
* The figures in this graph are assumptions only and are provided to illustrate the potential advantages of this product under identical conditions.
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OPEN AN RESP ACCOUNT
Step 1: Obtain a Social Insurance Number (SIN) for your child
- Contact the nearest Service Canada Centre to apply for a SIN for your child.
- You will find the forms on the Service Canada web site.
Step 2 : Choose the most convenient method
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Reference
 26 525-002 RESP pamphlet
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