The Registered Education Savings Plan (RESP) is an account that allows you to save up to $50,000 for your child's post-secondary education and obtain government grants.

What is the maximum annual RESP contribution?

To receive the full government grant, you must contribute $2,500 per year to the RESP. If necessary, you can also make a catch-up contribution per calendar year.

What types of education savings accounts are there?

The 3 types of RESP accounts are : Individual RESP, Family RESP and Group RESP.

What are the advantages to parents for putting money into an RESP?

There are many advantages to contributing to an RESP, including: helping your child with the high cost of post-secondary education, tax-sheltered investment growth, generous grants and more.

Is money withdrawn from an RESP taxable?

Educational Assistance Payments (EAPs), made up of grants and returns, are taxable in the child's name. Since a student's income is generally low, the tax burden will be low, or even nil in some cases.

What is the maximum amount for an RESP?

The RESP has a lifetime lifetime contribution limit of $50,000 per beneficiary. To receive the full government grants, you must contribute $2,500 per year to the RESP.