Financial Planning Information for Parents
Registered Education Savings Plan (RESP)
A Registered Education Savings Plan (RESP) is essentially a long-term savings account that you, the parent(s), can make contributions into until your child is deemed eligible by the government to enter post-secondary studies.
The great thing about contributing to an RESP is that your savings will grow tax free, they will earn a competitive interest rate, and you will be able to receive the Canada Education Savings Grant (CESG). The basic CESG on the first $3,500 of annual RRSP contribution is up to $500 per year, regardless of total family income.
Most financial institutions offer RESPs. For a list of prospective RESP promoters, consult the Employment and Social Development Canada (ESDC) website.
Documentation that may be required:
If you require a letter and/or account summary for an RESP withdrawal, see the following pages for instruction: