Investments
RESP planning that makes the most of government grants
A Registered Education Savings Plan (RESP) helps you save for a child's post-secondary education, and the federal government adds grants to eligible contributions. I help Ontario families set up an RESP, collect the grants available and choose a contribution rhythm they can keep.
What's included
What we’ll cover together.
Included
- How RESPs and the Canada Education Savings Grant work
- Family vs. individual plans
- Setting a contribution rhythm you can keep up
Worth a conversation if
- You have young children or grandchildren
- You've opened an RESP but aren't sure it's set up well
How it works
Four clear steps.
Step 1: Your goal
How many children, their ages and what you'd like to put aside.
Step 2: The right plan
Family or individual plan, and who will contribute — parents, grandparents or both.
Step 3: Maximise the grants
A contribution pattern that collects the Canada Education Savings Grant you're eligible for.
Step 4: Invest and review
Investments matched to how many years remain, becoming more cautious as school approaches.
What does education savings (RESP) cost?
Costs come from the investments inside the RESP and any plan or account fees. Some types of plans have specific fees and rules, so it's worth comparing before you open one.
How long does it take?
An RESP can usually be opened within days once each child has a SIN. Starting early gives contributions and grants the most time to grow.
Common questions
Education savings (RESP), answered.
How much does the government add to an RESP?
The Canada Education Savings Grant adds 20% on the first $2,500 contributed per child each year — up to $500 a year — to a lifetime maximum of $7,200 per child. Lower-income families may also qualify for the Canada Learning Bond. Check canada.ca for current rules.
Who can open or contribute to an RESP?
Parents, grandparents, other relatives and even friends can open an RESP for a child, and family members can contribute to an existing plan. Coordinating contributions helps the family collect the grants without overlapping or exceeding the lifetime contribution limit.
What if my child doesn't go to post-secondary school?
You have options. You may be able to transfer savings to a sibling, roll some investment growth into your RRSP if you have room, or withdraw your contributions. Government grants generally have to be returned. Keeping the plan open a few years also allows time to decide.
Related
Let’s talk about your family’s plans.
A relaxed first conversation about where you are and where you'd like to be. Bring your questions — and your family, if you like.
Your message comes straight to me.— Rahul
- savanirahul42@gmail.com
- English · ગુજરાતી · हिन्दी
- Ontario, Canada