Choose a manageable contribution
Start with the support you hope to provide and the years until enrolment. Contributions are not tax-deductible; coordinate family deposits across all RESPs for the child.
Education Savings & RESP Planning
Help their next chapter begin with more options.
Build an education fund that fits your family’s budget. An RESP can combine your savings with eligible government incentives for education after high school.
How the savings come together
Your contributions. Available incentives. Time to invest.
Check available benefits
Basic CESG generally adds 20% to eligible contributions, up to applicable limits. Eligible lower-income children may receive up to $2,000 in Canada Learning Bond funding without personal contributions.
Invest for the education date
Earnings can grow tax-deferred inside the RESP. Review risk and access as enrolment approaches, and confirm that the provider offers the incentives your child qualifies for.
Starting later or choosing a plan
CESG catch-up is subject to annual limits; special contribution-history rules apply at ages 16 and 17. Individual plans have one beneficiary; family plans require qualifying relationships. Group plans may have scheduled contributions and restrictive fees or cancellation terms. Compare the contract before signing.
University, college and qualifying trade or vocational programs may be eligible. Confirm the institution and program with the RESP provider.
When school approaches
Plan how the money comes out, too.
Separate contributions from education payments
Original contributions can generally be returned without being included in income. Educational Assistance Payments contain grants, bonds and earnings and are generally taxable to the student. Confirm enrolment, payment limits and documentation, and plan withdrawals across the years of study.
Review the options if plans change
Depending on the contract and rules, you may keep the plan open, change beneficiaries or transfer eligible earnings. Closing can require government incentives to be repaid and may create tax on accumulated income. Review the consequences before withdrawing funds.
Questions before you decide
Look closely at the details.
Can grandparents open an RESP?
Yes. A grandparent can generally open an individual RESP for a grandchild or an eligible family RESP when the relationship requirements are met. Parents and grandparents should coordinate their contributions because the lifetime contribution limit applies across all RESP accounts for the beneficiary.
What happens if my child receives a scholarship?
A scholarship does not automatically prevent the beneficiary from using the RESP. The family can review the student’s remaining education costs and determine an appropriate withdrawal strategy.
Is there an annual RESP contribution limit?
There is currently no general annual RESP contribution limit, but a lifetime contribution limit applies to each beneficiary. Government grants also have annual and lifetime maximums. Large contributions should be planned carefully because not every contributed dollar will attract a grant.
Is an RESP guaranteed to grow?
No. Growth depends on the investments held in the RESP, their performance, fees and the time available. Investment values may rise or fall. The strategy should reflect the beneficiary’s timeline and the subscriber’s risk profile.
Review with Centerpointe
Build an education plan your family can sustain.
Bring the child’s age, existing RESP statements, family contribution records and a comfortable savings amount. We’ll compare structures, incentives and investment timelines while keeping emergency reserves and retirement needs in view.
Education Savings & RESP Planning Areas We Serve
Education Savings & RESP Planning guidance in Ottawa and neighbouring Eastern Ontario communities.
The information on this page is general and educational in nature. It is not intended as investment, tax, legal or accounting advice.
RESP eligibility, government incentives, contribution limits, withdrawal requirements, tax treatment and qualifying education programs are governed by applicable legislation and program rules and may change.
Government grants and bonds are subject to beneficiary eligibility, residency, age, family income, contribution history and other requirements. Not every RESP provider offers every government incentive.
Investment products involve risk. Values may fluctuate, and past performance does not guarantee future results. Products and services are available only through appropriately licensed or registered individuals and entities and may vary by province, provider, jurisdiction and client eligibility.
Before opening, contributing to, transferring or withdrawing from an RESP, review the current Canada Revenue Agency and Employment and Social Development Canada requirements and obtain professional advice where appropriate.