RESP Basics

Currently, on average, one year of university including tuition, books, room and board cost approximately $12,500.¹ That is $50,000 for a four year education. Current estimates put the cost for a four-year degree at a Canadian university at $96,000 by 2021.²

With a Registered Education Savings Plan (RESP), you can save and invest on a tax deferred basis – until the funds are needed to pay for a child's post-secondary education.

• You are allowed to contribute up to a lifetime maximum of $50,000 for each beneficiary³

Even better, you can receive up to a lifetime maximum of $7,200 in additional contributions per eligible child under the Canada Education Savings Grant

Follow the links below to learn the many benefits of RESPs

Government Contributions
The Federal government contributes money to your RESP through the Canada Education Savings Grant (CESG).

Tax Benefits
All income earned in RESPs is tax sheltered until withdrawn for the beneficiary’s post-secondary education.

Flexibility
Depending on your plan type, you can name multiple beneficiaries, and choose from a wide range of investments.

Individual and Family Plans
There are two types of Registered Education Savings Plans – one designed for families with multiple beneficiaries and the other for an individual beneficiary only.

RESP FAQs
Get the answers to your questions about RESPs and how they can help you.

^{1, 2, 3} Figures are provided by BMO Bank of Montreal Economics Department in conjunction with the Association of Universities and Colleges of Canada (AUCC). Figures are based on a national average for a four-year university degree for a student using accommodations away from home and include the cost of tuition, books, room and meals. Figures are provided for illustrative purposes only and are not intended to represent the actual current and/or future costs of education and should not beli relied on for this purpose.