RESP
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Young people with education savings are 50% more likely to pursue post-secondary education. Open an RESP and give them a head start on success!
Savings grow tax-free and there are government grants that can help with your contributions.
Benefits of an RESP
Government grants: Save more, faster, with up to $7,200 in matching contributions from government grants. Plus, it doesn’t count toward your contribution room.
Tax-sheltered growth: You don’t pay tax on any investment income. Also, since withdrawals are taxed in the hands of the student, who’s typically in the lowest tax bracket, this usually means little or no tax will be paid.
To get your education savings started, contact your local PACE branch and book an appointment to talk to an advisor.
For your appointment, remember to bring:
- Your social insurance card
- Your child's social insurance card
- Your child's birth certificate or permanent resident card
If you are not the parent or legal guardian of a child, but would like to open an RESP for them, you can get more information on what documents you'll need to bring with you by calling your local PACE branch.
