RESP (Registered Education Savings Plan)

RESP is a special savings account that helps parents save for their child’s post-secondary education. Education after high school can be very expensive. Students usually use their RESP money to pay for education expenses such as tuition, meals, living expenses, rent, books, equipment, and transportation.

How much does the government add to your RESP?

The government matches 20% on the first $2,500 contributed annually to an RESP, to a maximum of $500 per beneficiary per year. The lifetime maximum per beneficiary is $7,200, up to age 18.

Who can open an RESP?

Anyone can open an RESP account for a child.

Who is eligible for RESP?

All the children with a Social Insurance Number (SIN), are eligible to have an RESP.