Save for children’s education
Start saving now for your child’s education and set them up on the path to success. RESPs are tax-sheltered, and there are federal grants available so you can watch your savings grow.
Key benefit:
- Save for post-secondary education
- No maximum annual contribution
- Maximum lifetime contribution of up to $50,000
- Tax-sheltered growth to save more
- Variety of investment options
- Choose between individual or family plans
Government education grants:
- Up to $7,200 available through the Canada Education Savings Grant (CESG)
- Based on net family income, an additional CESG is available for qualifying beneficiaries
- Up to $2,000 available through the Canada Learning Bond
Government grants
The ins and outs of RESPs and grants
Take advantage of federal grants that contribute to your RESP savings
- Collect an extra $500/year through the CESG
- Get up to $2,000 through the Canada Learning Bond (CLB)
- And more
Smart investing
What can you invest in with an RESP?
Include different types of investments in your RESP to make the most of your money, including:
- Savings accounts
- Mutual funds
- Term deposits
Doing the math
Use this calculator to map out the savings required for your child’s post-secondary education through individual contributions and government grants.
These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.
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Invest in companies with a proven, positive environmental record.
Investment advise
Work with an investment advisor
An investment advisor can help you make sense of investing and develop strategies for your goals:
- Get started with RESPs
- Understand how contributions work
- Develop personalized strategies with ongoing advice
