RESP - Registered Education Savings Plan

Designed to help parents and grandparents set money aside for a child's post-secondary education with the help of federal government grants.  

• Designed to help parents and grandparents set money aside for a child's post-secondary education with the help of federal government grants.  
• You may deposit $5,000 per year per child.  
  • The first $2,500 would receive a grant equal to 20% ($500) which is deposited directly into your RESP account.  
  • If you do not use all your grant room in a year, it can be carried forward and used in future years.   
  • You may only catch up 2 years worth of grants in a given year. 
  • Grants are not available after the end of the childs 16th year.   
• An RESP can be set up for each child or a family plan can be set up for your entire family.  
• Additional grants are available for lower income families.