Registered Education Savings Plan (RESP)

An RESP is a Registered Education Savings Plan that parents or grandparents can use to save for their children or grandchildren’s education. It’s a registered by Government of Canada which helps families and friends to save early for a child’s education after High School. It helps savings for education to grow tax-free and also gets grants from government in for of Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB). Money contributed to RESP plans does not get a tax deduction. You can contribute up to $50,000 for each child. There is no Annual contribution Limit but the CESG will only be paid on first $2,500 of contributions made every year. If the child has accumulated grant room, then the CESG will be paid on the first $5,000 of the contributions made per year.

Registered Education Savings Plan Checklist

Prepare effective savings plan by using RESP Calculator

Why do I need to plan for children Education?

Our Children –our hope for the future. We want to make sure that they have the best possible education to succeed in their personal and professional life. A post-secondary education can be expensive. To manage these costs successfully, you need an effective, flexible savings plan. Projections indicated that in 2028 it will cost much more for a 4-year university program for a student living away from home. The job market of the future requires more training and education. It is better to start early but it’s never too late to invest in the children’s future. The investment income is transferable to your RRSP if the child does not pursue a post-secondary education.

Tax-Deferred Growth

An RESP is a tax sheltered saving plan, designed for the post-secondary students. The contributions in the RESP plan are already taxed at the contributor’s tax rat, while the growth and the CESG is taxed on withdrawals at the beneficiary’s tax rate. As the recipient is typically a student, these individuals generally pay little or no federal income tax, owing to tuition and education tax credits. Thus, with the tax-free principal contribution of CESG available for withdrawal nearly tax free.


With our RESP plans in Mutual Funds* (Sponsored by Shah Financial Planning Inc. Canada) you have the plenty of investment choices. You can increase or decrease your contributions. You can choose or switch your funds according to your risk tolerance and time frame. If you are not satisfied you can switch RESP provider. We have a full range of savings, income, balanced and growth funds.

We also offer RESP in segregated funds at Industrial Alliance

Diploma Segregated Funds

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