RESP

About RESP

Save for retirement and benefit today.

Saving for a child’s education costs, including tuition, books, living expenses and more.

Looking to save for your child’s education? This one’s for you. An RESP is eligible for government grants, plus your investment will grow tax-free until you need to withdraw funds. RESP is an investment medium used by parents or grandparents to save for their children or grandchildren’s post-secondary education in Canada.

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Registered Education Savings Plan (RESP)

An RESP is a tax-sheltered plan that helps you save for a child’s post-secondary education faster. Money invested in an RESP can grow tax-deferred, and the best part? The government can contribute up to $7,200 directly to your child’s RESP. Benefits of RESP:


  • Tax-sheltered earnings – Your earnings are all tax-sheltered and when withdrawn the earnings are taxed to the child, who may pay little to no taxes on them as students.
  • Not just for tuition – The money can be used towards more than just tuition costs – including books, living expenses, other course materials and more.
  • Potential for grants – The federal government add up to a maximum of $500/year with the Canada Education Savings Grant (CESG ), up to a lifetime maximum of $7200 (this is free money).
  • Flexibility – You can decide how much money should be withdrawn and when it should be withdrawn. The withdrawals can be used for a variety of education costs, including tuition, books and living expenses
  • Tax savings – When money is withdrawn and used to pay for the child’s post-secondary education, the plan earnings and government contributions are taxed in the child’s hands. As a student, the child may pay little or no taxes on the money.

If you have decided that an RESP is a wise investment, but you don’t know if you can afford to make the contributions, a licensed advisor at TruePolicy can help. We’ll review your monthly expenses and make the appropriate adjustments to fit the RESP payments into your budget plan. Yes, you got it right we will help you to get RESP with minimum investment to attain maximum benefits / government grants for your child.