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An RESP is a powerful way to save for your child's or grandchild's post-secondary education. Parents, grandparents and friends can contribute money any time to an RESP – up to a lifetime total of $50,000 per child. These contributions are not tax deductible, but any investment income that’s earned within the plan isn’t taxed until it's withdrawn.
In addition to tax-deferred growth, the federal government will also automatically contribute a Canada Education Savings Grant (CESG) of 20% of what you put in, up to $500 per year – to a lifetime maximum of $7,200 for each child. If your family income is low, you can receive an even higher amount. For details on these and other grants you may be eligible for, visit CESG.
Anyone can open these plans – you (the planholder) don't have to be the parent or even a close relative of the person you’re saving for (the beneficiary). There are no age limits, so you can even set up an RESP for yourself or another adult.
In both types of RESP, the planholder fully controls:
For more information, please visit Canada Revenue Agency’s RESP page.
Tuition, books, technology, transportation, room and board -- education expenses can add up. Estimate how much it will cost to send your child to school with our RESP calculator.
Whether they’re still in diapers or in those awkward tween years, our kids deserve the best we can give them – including help with their post-secondary education. A Sun Life advisor can show you how an RESP can help you save for university, college or an apprenticeship – and how you can add to your savings with free money from the government.
Talk to your advisor or find an advisor near you to get your savings started.