Registered Education Savings Plans and related benefits
The Registered Education Savings Plan (RESP) is a long-term savings plan to help people save for a child's education after high school, including trade schools, CEGEPs, colleges, universities, and apprenticeship programs. An adult can also open an RESP for themselves.
When you open an RESP, you can ask your financial institution (the promoter) to apply for benefits like the Canada Learning Bond (CLB) and the Canada Education Savings Grant (CESG). If the child is eligible, these benefits will be received in the RESP to help with the cost of the child's education. Eligible expenses can include rent, tuition, books, tools, and transportation. British Columbia and Quebec also offer provincial benefits.
Community's experiences:
An RESP is an investment account used to save for a child's post-secondary education. You can
contribute a minimum of $25 bi-weekly, but it must be set up through a bank or financial consultant.
A Social Insurance Number (SIN) is required for the child. The government provides matching
grants (up to $500 maximum per year). Funds can only be withdrawn for designated post-secondary
institutions.