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Registered Education Savings Plan (RESP)
What's a Registered Education Savings Plan?
RESP is a tax-sheltered investment plan that helps you save for your child’s post-secondary education.
What is it for?
How it works?
Get to know the RESP
Need professional advice?
Featured rates
| Term | Interest rate |
|---|---|
| Savings | 0.60% |
| 1 year | 3.05% |
| 2 years | 3.15% |
| 3 years | 3.15% |
| 4 years | 3.15% |
| 5 years | 3.30% |
Maximize your investment with the Government’s Grants
Canada Education Savings Grant (CESG) Up to $7,000
- The government contributes 20% of your yearly contribution to the RESP, up to $500 per child.
- Contribute $2,500 per year and get the full $500 grant.
- Unused grant room can be carried forward until your child turns 17.
- Families with lower incomes may receive additional contributions (20% if income is less then $45,916, 10% if income is between $45,916 and $91,831).
- Use money for tuition, books, supplies, and living expenses for post-secondary education at eligible schools or programs.
Canada Learning Bond (CLB) Up to $2,000
- Initial $500 deposit into an RESP for your child.
- Your child can receive an additional $100 each year until the age of 15, totalling up to $2,000.
- For children born on or after January 1, 2004, from low-income families with a valid Social Insurance Number.
- Money can be used for full-time or part-time studies at universities, trade schools, or apprenticeships.
Simple process,
guaranteed returns
Please note!
Open an RESP account
To open an RESP, you’ll need the child’s SIN number. Anyone can open an account, no matter whether they are parents, relatives or friends. The child must be a resident of Canada when named as the beneficiary.
Apply for grants
Check for eligible grant programs and apply with our assistance. We’ll guide you through the application process to ensure you make the most of the available support.
Make contributions
The total lifetime contribution limit for an RESP is $50,000. However, there’s no annual limit, so you can save at your own speed. Furthermore, unlimited amount of people can contribute.
Please note!
Invest in your child’s future
with an RESP from BCU
Questions? We got answers!
You can apply for the Canada Education Savings Grant (CESG) when you open a Registered Education Savings Plan (RESP). Once the RESP is set up, you’ll need to provide your child’s Social Insurance Number (SIN) and complete the CESG application with your financial institution. The government will then match a portion of your contributions to help grow the savings for your child’s education.
The Canada Learning Bond (CLB) is available to children from low-income families who were born in 2004 or later. The child must be a Canadian resident with a valid Social Insurance Number (SIN) and have a Registered Education Savings Plan (RESP) opened in their name. No personal contributions are required—eligible children receive government contributions directly into their RESP.
Opening a Registered Education Savings Plan (RESP) helps you save for your child’s post-secondary education with tax-free growth on investments. Plus, the government contributes through programs like the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB), giving your savings an extra boost. When your child withdraws the funds for school, they are taxed at their (usually lower) student tax rate.
RESP funds can be used for a wide range of post-secondary education expenses, including tuition, textbooks, housing, meal plans, and other school-related costs. As long as your child is enrolled in an eligible program, they can withdraw funds to cover both academic and living expenses.
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