Registered Education Savings Plan
A Registered Education Savings Plan is a type of savings account that grows tax free until a child is ready for post-secondary education. You may contribute up to $4,000 a year in an RESP
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Facts about Registered Education Savings Plans - Any child can be the beneficiary
- Parents, grandparents, relatives or friends may put a combined total of $4,000 a year into RESPs for a particular beneficiary
- You can contribute for up to 22 years after a non-family plan has been opened and up to the year in which the beneficiary turns 21 years of age in a family plan
- Contributions to all RESPs on behalf of a beneficiary are subject to a lifetime limit of $42,000
- Contributions made to an RESP are not tax deductible, and are not taxed when returned to the subscriber
- The money in an RESP grows tax-free until the beneficiary is enrolled full-time in a qualifying program at a college, university or other recognized post-secondary educational institution
- Then, the beneficiary can use Educational Assistance Payments paid from the RESP to help finance his/her post-secondary education
- If the beneficiary does not go on to full-time studies, another beneficiary can be named The new beneficiary must be under 21 years of age and either the new beneficiary is a brother or sister of the former beneficiary or both the new and old beneficiaries are under 21 years of age and are related to the subscriber.
- An RESP must be terminated by the end of the 26th year.
Registered Education Savings Plan
RESP Providers
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