definition

RESP

See Registered Education Savings Plan.

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If your child doesn’t continue their education

child may decide to continue their studies later Transfer the money to another beneficiary Transfer the money to your RRSP Close the RESP 1. Keep the RESP open An individual...

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6 reasons to open an RESP

post-secondary education, they can start taking payments, called educational assistance payments (EAPs), from their RESP. EAPs are made up of the investment earnings and government grant money in the RESP....

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Making RESP contributions

$2,500 to the RESP. Transferring money between RESPs You may want to transfer money from 1 RESP to another, for example, if you’re changing financial institutions or consolidating several RESP...

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Opening an RESP

6 steps to opening an RESP 1. Get social insurance numbers You will need your social insurance number to open an RESP. Your child or other beneficiaries will also need...

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RESP fees

If your RESP is with a financial institution Opening a plan – There is usually no charge to open an RESP. Some institutions may charge a small set-up fee. Annual...

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Choosing an RESP provider

RESPs Take a look at this list of RESP providers in Canada. It also tells you which government grants each provider offers. If you have a problem with an RESP...

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3 types of RESPs

...you have an RESP with a financial institution, you decide how to invest your money. If you have an RESP with a scholarship plan dealer, your money is invested for...

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How RESPs work

credit. Learn more about how RESPs work. Where to open an RESP Companies that offer RESPs are called providers. There are two main types of providers: Financial institutions – includes...

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Government grants and bonds

the RESP to qualify. If your child doesn’t qualify for the bond when you open the RESP, you can apply later if your circumstances change. Amount of bond: $500 for...

definition

Family RESP

An RESP for more than one child. The children must be related to the person who opens the RESP.