Every child deserves a bright future. As a parent, there’s no greater joy in life than to see your child grow up and succeed in doing meaningful work they love. That starts with ensuring their access to competitive post-secondary programs, where they can learn specialized skills that are valuable in the job market.

But the cost of post-secondary education is often a barrier that young minds face in learning the skills and training they need to prepare them for a professional career. As a parent, you want to help your child realize their full potential, without being barred by these financial realities. It’s never too early to start preparing for their future.

What Is An RESP?

A Registered Education Savings Plan (RESP) allows you to set aside money for your children’s education. Every deposit made to this tax-deferred savings plan goes towards their tuition and related fees, as well as additional living expenses they may require to afford the cost of their professional future. Establishing a savings plan early on gives your child a head-start in their university, college, or vocational education — and secures their financial future from otherwise crippling student debt.

How RESP Works

RESP contributions pay for your child’s future education, with a lifetime maximum of $50,000 per child. These contributions are not tax-deductible — instead, they are tax-deferred, meaning investment income earned by the plan is not subject to your annual tax reporting until it’s withdrawn and used for your child’s education.

Who Contributes To An RESP?

Parents aren’t the only ones eligible for an RESP — grandparents and caring relatives can also contribute to a child’s success. As the plan holder, you control how much money is invested, as well as when, how much, and how often a child receives payments. Start by thinking of the cost of tuition, textbooks, transportation, technology, and living expenses a child may need in their post-secondary education.

You’re not alone in saving for your child’s future. The government matches RESP contributions through the Canada Education Savings Grant (CESG) for up to 20% of what you put in, up to $500 a year. That results in an additional lifetime maximum of $7,200 per child, or higher amounts for low-income families. With these resources, every child is one step closer to a bright future, and away from debt and limited educational opportunities.

Choose Your RESP

  • Individual RESP: set up a plan for a child whose education you would like to contribute to — you don’t have to be a parent or a close relative. You may also set up one for yourself or another adult interested in further education, second career training, and related programs.
  • Family RESP: name one or more children as plan beneficiaries, each able to access these pooled resources for their education. If the eldest child does not attend postsecondary school, grant money may be transferred to other beneficiaries.

Ask Our Brokers

At Archway Insurance, we believe that education is the future — and it’s never too early to equip the young minds of today with the support and resources they need to learn, train, and succeed in their chosen career. Trust our brokers to help you secure the future of children you love with a reliable RESP, and help them reach their full potential without turning their valuable postsecondary education into a financial burden.


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