Registered Education Savings Plan

REGISTERED EDUCATION SAVINGS PLAN (RESP)

There are several ways the Government of Canada can help you save money in a safe and convenient way for your child’s post-secondary education. By starting early, tax-sheltered earnings on your savings can grow surprisingly quickly. You can also apply for the Canada Education Savings Grant and the Canada Learning Bond as soon as your RESP is opened.

How to Open an RESP

Opening an RESP is not difficult. In fact, you just need to take a few simple steps:

  1. Get a Social Insurance Number (SIN) for yourself and for anyone you name in your RESP as a person you are saving for. There is no fee to get one, however, certain documents are required. Contact 1 800 O-CANADA for more information or visit a Service Canada centre near you.

  2. Apply to the Canada Revenue Agency for the Child Tax Benefit (Family Allowance) if your family net income is $75,769 or less. This form is generally provided at the hospital where your child was born.

  3. Choose an RESP provider that best meets your needs. RESP providers include most financial institutions, such as banks or credit unions, as well as group plan dealers or financial services providers.

  4. Decide on the type of RESP you want to open – some require monthly contributions while others do not.

  5. Decide on the type of investment that will make your money grow.

  6. Put some money into your RESP.


Canada Education Savings Grant

The Government of Canada will add money to a RESP by providing a Canada Education Savings Grant as a financial incentive for parents, family and friends to save for a child’s education after high school. The grant is paid directly into the RESP. The amount of the grant is based on your family income. The amount can change over time as your family income changes. The grant provides at least 20 cents for every dollar on the first $2,000.00 of annual RESP savings made on behalf of a child.

Canada Learning Bond

If you qualify, the Government of Canada will deposit $500.00 into your child’s RESP account the first year. You could receive another $100.00 per year for up to 15 years as long as you continue to receive the National Child Benefit Supplement (Family Allowance). An additional $25.00 is deposited the first year in case there is a cost to opening the RESP account.

For further information, please contact Diane at (250) 746-3930.



When our children are young and small,
Not too many parents think about their FUTURE at all.
We raise our children the best way we can,
But have their parents ever thought about a
REGISTERED EDUCATION SAVINGS PLAN?

Our babies won’t stay forever young,
They grow into adults bright and strong.
They need a good education to succeed,
That’s why an RESP can help you indeed.

RESP are here to help the children of today,
Who will move on to College or University one day!