{"id":832292,"date":"2020-02-05T09:58:42","date_gmt":"2020-02-05T14:58:42","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?page_id=832292"},"modified":"2026-03-09T18:31:06","modified_gmt":"2026-03-09T22:31:06","slug":"registered-education-savings-plans","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/kids-banking\/registered-education-savings-plans","title":{"rendered":"Guide to registered education savings plans (RESPs)"},"content":{"rendered":"<p>A registered education savings plan (RESP) is a government-registered plan that helps you save and invest for your child\u2019s post-secondary education. But how do RESPs work, how much can you contribute, what are the RESP withdrawal rules and how can you open an account? Keep reading to find out.<\/p><h3>How does an RESP work?<\/h3><p>An RESP is a long-term savings plan that makes it easier to save for your child\u2019s education once they finish high school. The income you earn from investments held in an RESP isn\u2019t taxed until it\u2019s withdrawn, allowing you to grow your savings balance faster.<\/p><p>Family members and friends can contribute to the RESP, while the federal government may also match a portion of your contributions \u2014 to the tune of up to $9,200 in grants over the life of the RESP. Provincial benefits are also available if you live in British Columbia or Quebec and meet the eligibility requirements.<\/p><p>There are three key players in any RESP:<\/p><ul><li><strong>The subscriber<\/strong> is the person who applies to open the RESP and deposits money into it. This can be any adult, such as parents, guardians, grandparents, other relatives and friends. Adults can open RESPs for themselves as well.<\/li><li><strong>The promoter<\/strong> is the financial institution that holds the RESP and applies for government grants on your behalf.<\/li><li><strong>The beneficiary<\/strong> is the person who will receive the funds and government grants.<\/li><\/ul><p>An RESP can remain open for up to 35 years, giving the beneficiary time to explore their options if they don\u2019t want to continue studying straight after finishing high school. When the beneficiary enrolls in an eligible post-secondary education program, they can withdraw funds from the RESP to cover their costs.<\/p><h3>Types of RESPs<\/h3><p>Here are the three types of RESPs and their rules:<\/p><ul><li><strong>Individual RESPs.<\/strong> An individual RESP is a savings plan set up for one person only. Your beneficiary doesn\u2019t need to be related to you by blood, and you can make contributions for up to 31 years from the date that you open the account.<\/li><li><strong>Family RESPs.<\/strong> Family RESPs let you save up for multiple children at one time, but they need to be under 21 when you name them a beneficiary and related to you by blood or adoption.<\/li><li><strong>Group RESPs.<\/strong> Also known as pooled RESPs, group RESPs are offered by scholarship plan dealers. They typically require you to make regular contributions, and the money you deposit is pooled together with the funds of other subscribers and investors. However, you\u2019ll need to watch out for high fees.<\/li><\/ul><h3>RESP contributions<\/h3><p>You can make contributions to an RESP for up to 31 years, and the plan can remain open for up to 35 years. While group RESPs come with a contract that sets out how much you need to contribute and how often, individual and family RESPs offer more flexibility. You can make contributions whenever you like, or set up a recurring weekly, bi-weekly or monthly deposit to automate your savings.<\/p><p>There\u2019s no annual contribution limit, but the RESP lifetime contribution limit is $50,000 per beneficiary. This limit covers all combined contributions made to all your RESPs since you can be named as a beneficiary on more than one RESP.<\/p><h4>What happens if I over-contribute?<\/h4><p>If you exceed the lifetime RESP contribution limit of $50,000, a tax penalty of 1% per month applies to the excess amount until it\u2019s withdrawn.<\/p><h3>RESP government grants and benefits<\/h3><p>Another major benefit of opening an RESP is that you may be eligible for extra funding from government grants. When you set up a plan, you can ask the RESP promoter to apply for the following benefits on your behalf:<\/p><h4>Canada Education Savings Grant (CESG)<\/h4><p>The CESG can provide up to a lifetime maximum of an additional $7,200 to your RESP until the age of 17. You\u2019ll need to make contributions to your plan to receive the CESG \u2014 the government will match up to 20% of the first $2,500 contributed to the RESP, up to $500 per year. Eligible children from low- and middle-income families could also receive a further $100 per year.<\/p><h4>Canada Learning Bond (CLB)<\/h4><p>The CLB provides up to a lifetime maximum of $2,000 to eligible children from low-income families. No contributions are required to qualify for the CLB. Eligible children will receive $500 the first year the RESP is open, then another $100 each year after that until the age of 15.<\/p><h4>British Columbia Training and Education Savings Grant (BCTESG)<\/h4><p>Residents of British Columbia can apply for the BCTESG for their children between their sixth birthday and the day before they turn nine to receive $1,200 in their RESP.<\/p><h4>Quebec Education Savings Incentive (QESI)<\/h4><p>The QESI is a refundable tax credit paid directly into an RESP of residents of Quebec. Eligible beneficiaries can receive 10% of the net contributions paid into the RESP each year, up to $250. Low-income and middle-income families can receive up to $50 per year additionally. The lifetime maximum that can be received is $3,600.<\/p><h3>What investments can you hold in an RESP?<\/h3><p>RESPs can be used to hold a wide range of investments, including:<\/p><ul><li><a href=\"https:\/\/www.finder.com\/ca\/stock-trading\">Stocks<\/a><\/li><li>Bonds<\/li><li>Mutual funds<\/li><li><a href=\"https:\/\/www.finder.com\/ca\/gics\">Guaranteed investment certificates (GICs)<\/a><\/li><li>Exchange-traded funds (ETFs)<\/li><li>Term deposits<\/li><\/ul><p>Your RESP can be either self-directed or managed by your RESP provider:<\/p><ul><li><strong>Self-directed portfolio.<\/strong> You can invest the money yourself or put your money with a robo-advisor to grow your savings without high fees.<\/li><li><strong>Managed RESP.<\/strong> You can choose an RESP where the plan provider chooses the investments for you, saving you time and energy. Just be aware that you\u2019ll pay higher management fees with this approach.<\/li><\/ul><h3>RESP withdrawal rules<\/h3><p>Once your child is enrolled in an <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/education\/education-savings\/paying-education.html#_eligible\" target=\"_blank\" rel=\"noopener\">eligible post-secondary education program<\/a>, you\u2019ll need to provide proof of enrollment to the RESP promoter before withdrawing funds.<\/p><p>After your provider approves the withdrawal, choose between these two types:<\/p><ul><li><strong>Post-Secondary Education (PSE):<\/strong> This is a withdrawal of the contributions made by the subscriber, which can be paid to the subscriber, beneficiary or sent to an educational institution. Since you\u2019ve already paid taxes on the money you contributed, you can withdraw these funds tax-free.<\/li><li><strong>Education Assistance Payment (EAP):<\/strong> This is a withdrawal of the investment earnings and government grants or benefits, which can only be paid to the beneficiary. The beneficiary will have to pay income tax on these withdrawals and can only take out $8,000 (or 4,000 if they\u2019re studying part-time) during the first 13 weeks of schooling. After that, any amount can be withdrawn.<\/li><\/ul><p>Then, you\u2019ll typically need to complete an RESP withdrawal form to receive your funds.<\/p><h4>Withdrawing money from an RESP early<\/h4><p>If you want to withdraw money from an RESP early, you can get your contributions back tax-free \u2014 but not without drawbacks.<\/p><p>You\u2019ll need to pay back any grant money you may have earned on the contribution you\u2019re withdrawing. You\u2019ll also have to pay tax on investment earnings as well as a penalty of 20% (12% for residents of Quebec). That\u2019s why it makes sense to avoid making an RESP withdrawal until your child is in school.<\/p><p>One of the only ways you can avoid paying a penalty is if you move the money into your RRSP or RDSP.<\/p><h3>RESP eligible expenses<\/h3><p>RESP funds can be used on the following expenses:<\/p><ul><li>Tuition<\/li><li>Books<\/li><li>Tools<\/li><li>Computers<\/li><li>Rent<\/li><li>Transportation<\/li><li>Living expenses<\/li><li>Studying abroad<\/li><\/ul><article class=\"luna-card luna-card--shadow\"><div class=\"luna-card__block\"><h4>What if my child decides not to pursue post-secondary education?<\/h4><p>If your child decides not to attend a post-secondary institution after finishing high school, you have a number of options:<\/p><ol><li>Keep the money in their RESP \u2014 plans can remain open for up to 35 years.<\/li><li>Transfer their plan to another eligible beneficiary, such as one of their siblings.<\/li><li>Withdraw the funds and pay tax on the interest you&#8217;ve earned.<\/li><li>Transfer up to $50,000 worth of interest into your RRSP to avoid paying taxes. Note that you&#8217;ll need to have sufficient RRSP contribution room available.<\/li><\/ol><\/div><\/article><h3>RESP pros and cons<\/h3><h4>Pros<\/h4><ul class=\"list-1\"><li>Tax-free. The interest or income you earn in an RESP isn\u2019t taxed until the beneficiary withdraws funds to pay for their education.<\/li><li>Government contributions. You can take advantage of government contributions to grow your RESP balance faster.<\/li><li>Provisions for low-income families. Additional government financial support is available for low-income families.<\/li><li>Wide range of investments. You can use an RESP to hold a variety of investments based on your financial goals and risk tolerance.<\/li><li>Flexible use. You\u2019ll be able to use the money for all types of school expenses, including tuition, housing, books, supplies and more.<\/li><\/ul><h4>Cons<\/h4><ul class=\"list-12\"><li>Withdrawals are taxed as income. Your child or beneficiary will need to pay tax on any RESP withdrawals they make for school.<\/li><li>Not tax deductible. Contributions you make to an RESP cannot be claimed as tax deductions.<\/li><li>Grants may have to be paid back. If your child decides not to continue studying after high school, you\u2019ll have to repay any grants you have received.<\/li><li>Lifetime limit. You\u2019ll need to take care not to exceed the lifetime contribution limit of $50,000.<\/li><\/ul><h3>How to open an RESP<\/h3><p>You can open an RESP by completing the following steps:<\/p><ol><li>Compare RESP promoters (such as banks and credit unions) to find one that suits your needs.<\/li><li>Fill out an online application form.<\/li><li>Provide your personal information, contact details and proof of ID.<\/li><li>Enter your beneficiary\u2019s details, including their Social Insurance Number.<\/li><li>Ask the promoter to apply for federal and provincial government grants and benefits.<\/li><li>Start contributing to your plan or set up a recurring contribution.<\/li><\/ol><h3>Canadian RESP account statistics<\/h3><p>One of the best ways to save for any children in your life to pursue post-secondary education is to open an RESP for them. The 4.5% of Canadians who plan to open an RESP account in 2025 already knew this, as well as the 18.28% who currently hold one RESP account, the 3.1% who have two and the 0.8% who have three.<\/p><p>Why not join these Canadians to enjoy tax-advantaged savings options, government grants and diverse investment options?<\/p><iframe id=\"datawrapper-chart-X9KJI\" title=\"How many of each account type do you have?\" width=\"100%\" height=\"491\"  scrolling=\"yes\" aria-label=\"Grouped Columns\" src=\"https:\/\/datawrapper.dwcdn.net\/X9KJI\/1\/\" style=\"border: none;\" loading=\"lazy\"><\/iframe><h3>Bottom line<\/h3><p>An RESP combines tax benefits and government grants to help you save and pay for your kids\u2019 education. Compare promoters and plans before deciding where to open an RESP.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">How does an RESP work in Canada?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>An RESP is a registered education savings plan. This account is designed to help you save for a child's post-secondary education, and you can set up an individual plan for one child or a family plan to save for multiple children. The income you earn from investments held in an RESP isn\u2019t taxed until the funds are withdrawn, while eligible plans also qualify for government grants to help you grow your balance faster. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">What type of education does an RESP cover?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>An RESP is designed to cover post-secondary education costs. This includes study at colleges, universities, trade schools and apprenticeship programs inside or outside of Canada. You can check a list of eligible schools on the <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/education\/education-savings\/paying-education.html#_eligible\" target=\"_blank\" rel=\"noopener\">Government of Canada website<\/a>. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">How can I close an RESP?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>You can close an RESP by contacting the RESP promoter. Make sure you check the terms and conditions for any penalties that will apply for closing your account. You'll need to provide your plan details and proof of ID before you can withdraw funds and close the RESP. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">Who can open an RESP?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>Anyone can open an individual RESP for a child. This includes parents, guardians, grandparents, other relatives or friends. However, to open a family RESP, the beneficiaries will need to be related to you by blood or adoption. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000004\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000004\">\n                <span class=\"luna-accordion__title\">What's the best time to open an RESP?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000004\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>The best time to open an RESP for your child is as soon as they have a Social Insurance Number (SIN). The longer you have an RESP open, the more time there is for your investments to grow and the more opportunity you have to take advantage of government grants. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000005\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000005\">\n                <span class=\"luna-accordion__title\">Where can I open an RESP account?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000005\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>You can open an account with any eligible provider that offers RESPs. This can include big banks, credit unions, digital banks and dedicated online RESP providers. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000006\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000006\">\n                <span class=\"luna-accordion__title\">Is an RESP better than a savings account?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000006\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>While you can use either an RESP or savings account to save for your child\u2019s education, you can only receive tax-deferred growth and government grants with an RESP. However, withdrawals from an RESP come with conditions, so you may want to open both types of accounts for your child. Consider opening a <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/best-high-interest-savings-accounts\">high-interest savings account<\/a> to earn even more <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/savings-account-interest-rates\">interest<\/a>. Just remember that <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/how-is-interest-taxed-on-my-savings-account\">any interest you earn in a savings account will be taxed<\/a>, unlike an RESP. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000007\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000007\" 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education.<\/p>\n","protected":false},"author":1395,"featured_media":1044399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"nicheCode":"","productId":"","enableOptimizely":false,"_persistent_nav_menu_items":null,"blockTemplateId":"","_post_hreflang":"en","related_url":"\/registered-education-savings-plans","workflow-intro":"","workflow-faq":"","workflow-conclusion":"","workflow-benefits":"","workflow-overview":"","workflow-test":"","footnotes":""},"categories":[107125],"tags":[107302,5441],"asset_tag":[],"class_list":["post-832292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kids-banking","tag-cst-research","tag-latest-2"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RESPs in Canada\u2014How They Can Support Education | Finder<\/title>\n<meta name=\"description\" content=\"Learn how registered education savings plans (RESPs) help Canadians save for education with tax-free growth and government grants.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/ca\/banking\/kids-banking\/registered-education-savings-plans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guide to registered education savings plans (RESPs)\" \/>\n<meta property=\"og:description\" content=\"Learn how registered education savings plans (RESPs) help Canadians save for education with tax-free growth and government 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This account is designed to help you save for a child's post-secondary education, and you can set up an individual plan for one child or a family plan to save for multiple children. The income you earn from investments held in an RESP isn\u2019t taxed until the funds are withdrawn, while eligible plans also qualify for government grants to help you grow your balance faster. "}},{"@type":"Question","name":"What type of education does an RESP cover?","acceptedAnswer":{"@type":"Answer","text":"\r\rAn RESP is designed to cover post-secondary education costs. This includes study at colleges, universities, trade schools and apprenticeship programs inside or outside of Canada. You can check a list of eligible schools on the <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/education\/education-savings\/paying-education.html#_eligible\" target=\"_blank\" rel=\"noopener\">Government of Canada website<\/a>. "}},{"@type":"Question","name":"How can I close an RESP?","acceptedAnswer":{"@type":"Answer","text":"\r\rYou can close an RESP by contacting the RESP promoter. Make sure you check the terms and conditions for any penalties that will apply for closing your account. You'll need to provide your plan details and proof of ID before you can withdraw funds and close the RESP. "}},{"@type":"Question","name":"Who can open an RESP?","acceptedAnswer":{"@type":"Answer","text":"\r\rAnyone can open an individual RESP for a child. This includes parents, guardians, grandparents, other relatives or friends. However, to open a family RESP, the beneficiaries will need to be related to you by blood or adoption. "}},{"@type":"Question","name":"What's the best time to open an RESP?","acceptedAnswer":{"@type":"Answer","text":"\r\rThe best time to open an RESP for your child is as soon as they have a Social Insurance Number (SIN). The longer you have an RESP open, the more time there is for your investments to grow and the more opportunity you have to take advantage of government grants. "}},{"@type":"Question","name":"Where can I open an RESP account?","acceptedAnswer":{"@type":"Answer","text":"\r\rYou can open an account with any eligible provider that offers RESPs. This can include big banks, credit unions, digital banks and dedicated online RESP providers. "}},{"@type":"Question","name":"Is an RESP better than a savings account?","acceptedAnswer":{"@type":"Answer","text":"\r\rWhile you can use either an RESP or savings account to save for your child\u2019s education, you can only receive tax-deferred growth and government grants with an RESP. However, withdrawals from an RESP come with conditions, so you may want to open both types of accounts for your child. Consider opening a <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/best-high-interest-savings-accounts\">high-interest savings account<\/a> to earn even more <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/savings-account-interest-rates\">interest<\/a>. Just remember that <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/how-is-interest-taxed-on-my-savings-account\">any interest you earn in a savings account will be taxed<\/a>, unlike an RESP. "}}]}]},"article_modified_time":"2025-06-06T19:16:34+00:00"},"hrefLangLinks":[{"region":"Canada","locale":"en-ca","url":"https:\/\/www.finder.com\/ca\/banking\/kids-banking\/registered-education-savings-plans","isCurrentSite":true}],"custom_fields":{"_wp_page_template":["default"],"_masthead_subheading":["{\"text\":\"Make the most of tax deferral and government contributions to save for your child&rsquo;s education with an RESP.\"}"],"_content_type":["niche-content\/information\/how-to"],"_masthead_variant":["{\"id\":\"standard-blue\",\"showFeaturedImage\":false,\"presetId\":\"\",\"shouldUsePrimaryCTAFieldName\":false,\"shouldUseSecondaryCTAFieldName\":false,\"primaryCTA\":null,\"secondaryCTA\":null,\"widgetShortcode\":\"\",\"widgetHeading\":\"\",\"widgetStats\":\"\",\"hasPrioritizedWidget\":false,\"hasMaximizedWidget\":false,\"shouldUseOverrideCTALabel\":false,\"overrideCTA\":null,\"cleanTopPicks\":\"\",\"tilesMenuId\":\"\"}"],"custom_post_template":["single-masthead-two-column.php"]},"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts\/832292"}],"collection":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/users\/1395"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/comments?post=832292"}],"version-history":[{"count":10,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts\/832292\/revisions"}],"predecessor-version":[{"id":1059980,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts\/832292\/revisions\/1059980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/media\/1044399"}],"wp:attachment":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/media?parent=832292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/categories?post=832292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/tags?post=832292"},{"taxonomy":"asset_tag","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/asset_tag?post=832292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}