Establishing a Registered Education Savings Plan (RESP)

With the high cost of post-secondary education, many parents, grandparents and other family members and friends recognize the need to save for education well before the expenses become reality. That's why the Registered Education Savings Plan (RESP) is such a popular saving vehicle. An RESP is a tax-deferred savings plan designed to allow you to save for your child's post-secondary education. All the interest, dividends, capital gains and government incentives in the plan grow on a tax deferred basis.

Contact us today to see how you can start saving for your child's future.

 

Withdrawing From a Registered Education Savings Plan (RESP)

If your child has enrolled or is enrolling in post-secondary education, now is the time to use the RESP for its intended purpose. There are several types of RESP withdrawals that are available including:

  • Refund of contribution (principal) to you, the subscriber, or to your beneficiary
  • Educational assistance payments (EAPs)
  • Accumulated income payments (AIPs)
  • Payment to a designated educational institution (DEI) in Canada

To withdraw funds from your RESP account, please contact us.

6 FAQs About RESP Withdrawals

RBC Royal Bank has provided a helpful guide that answers 6 common questions you might have about withdrawing from an RESP.

For more information please click here.


Proof of Enrolment Requirements

In order to process and Educational Assistance Payment (EAP), current proof of enrolment is required for the beneficiary.

Please see our Proof of Enrolment Guide to find out what is acceptable.

 

Government Educational Grants

Here's a quick overview of what each government program provides, along with key eligibility requirements.