​A Registered Education Savings Plan (RESP) is a special savings plan that helps you save for a child’s education after high school. It can stay open for up to 36 years.

Most RESPs are opened for a child, but you can open an RESP for yourself or another adult. The person who opens the plan is called the subscriber. The person who is named to receive educational assistance payments (EAPs) under the plan is called the beneficiary.

1. Your savings grow tax free. There is no tax on the investment earnings, as long as they stay in the plan.
2. If you save for a child age 17 and under, the federal government also puts money into the RESP as a grant or bond. In some provinces, the provincial government may contribute too.
3. You can usually put money in whenever you want, up to a lifetime maximum of $50,000 per child. But some plans require set monthly or annual contributions.
4. The contributions are not tax deductible. You can withdraw them from the plan at any time for any reason and not pay tax.
   There is a wide range of investment options available for RESPs. Examples: stocks, bonds, mutual funds, Guaranteed Investment Certificates. Some plans let you decide how to invest your savings. Others invest your money for you.
5. Your child can take money out of the RESP when they enrol in university or college or another qualifying education program.

Learn more about how RESPs work.

Where to open an RESP

Companies that offer RESPs are called providers. There are 2 main types of providers:

1. Financial institutions – includes banks, credit unions, mutual fund companies, investment firms and trust companies. They offer individual and family plans.
2. Scholarship plan dealers – companies that only sell RESPs. They offer individual, family and group RESPs.