Children's education
RESP
Prepare a child or grandchild's education with structure.
Goal
Place education in the family plan
An RESP helps accumulate money for a beneficiary's post-secondary education. Contributions are not deductible, but income and grants can grow tax-sheltered while they remain in the plan.
At the time of eligible withdrawals, part of the amounts is generally taxed in the student's hands.
Why use it
- Take advantage of eligible government grants.
- Save gradually for education.
- Prepare support for tuition, housing or transportation.
- Structure help from a parent, grandparent or close family member.
Clarify
Individual or family plan?
The right RESP type depends on the number of children, desired flexibility and how you want to manage withdrawals later.
We also look at what happens if the child does not pursue eligible education.
Grants, limits, withdrawals and tax consequences vary according to applicable rules and the beneficiary's situation.
Planning education savings?
We can determine the right savings rhythm and structure for your family situation.