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Registered education savings plan (RESP)
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Give your child the freedom to go after their dreams
The registered education savings plan (RESP) allows you to easily accumulate funds toward your children’s or grandchildren’s post-secondary education. By investing in an RESP, you can take advantage of attractive government grants and your savings grow tax-free.
- This link will open in a new window.
A simple plan that pays off
Want to set money aside for your children’s or grandchildren’s education with all the flexibility you need? The Desjardins RESP allows you to tailor your contributions to your budget and life circumstances today and in the years to come. Determine how much you want to contribute in what type of investment, and make your money work for you tax-free starting today.
- Accessible: no enrolment fees
- Flexible: you decide how much you want to invest and at what frequency
- Advantageous: investment income and grants are tax-free
- Reassuring: maximum contribution of $50,000 per beneficiary
Parents, grandparents and friends can open a Desjardins RESP. They become the RESP subscribers and the designated child, the beneficiary. The child must have a social insurance number and be a Canadian resident. There can be several subscribers for the same child beneficiary.
4 tips to get the most out of an RESP
- Start investing as early as possible in your child’s life.
- Invest on a regular basis with regular instalments in the amount and at the frequency that best suit you.
- Deposit Canada Child Benefit and Quebec child assistance payments to the RESP to contribute effortlessly.
- Take advantage of generous government grants that help the RESP grow.
An RESP is one of the best ways to invest in your child’s future. The government grants that are added to your contributions are equivalent to an impressive return of at least 30%.
Attractive grants
- Canada Education Savings Grant (CESG): up to $500 per year, for a maximum of $7,200
- Québec education savings incentive (QESI): up to $250 a year, for a maximum of $3,600
Here, as an example, are the grants you’d be entitled to with a contribution of $2,500 per year.
| Net family income | Basic CESG | Additional CESG | Annual maximum |
|---|---|---|---|
| $45,282 or less | 20% | 20% | $600 |
| $45,283 to $90,562 | 20% | 10% | $550 |
| $90,563 or more | 20% | – | $500 |
| Net family income | Basic QESI | Additional QESI | Annual maximum |
|---|---|---|---|
| $42,390 or less | 10% | 10% | $300 |
| $42,391 to $84,780 | 10% | 5% | $275 |
| $84,781 or more | 10% | – | $250 |
If your income is limited
The Canada Learning Bond (CLB) - This link will open in a new window. helps modest-income families save toward the education of children under the age of 15. Eligible families receive an initial amount of $500 the first year the RESP is opened. After that, the CLB pays an additional $100 per year up to a maximum of $2,000 each year the family remains eligible.
Investment options that meet your needs
Depending on your profile, several investment options are available, including:
When your child is ready to enter a post-secondary educational facility, an educational assistance payment is sent to the child from the RESP account according to your instructions. In addition to paying for tuition, RESP funds can be used to cover lodging, transportation, school supplies, etc.
Thanks to your foresight, your child can concentrate on their studies and avoid getting into debt. A great head start in life!
If your child does not pursue post-secondary studies
- You can name another beneficiary.
- You can transfer the RESP funds to your RRSP.2
- You can use the amount of your contributions to other ends.
$50 bonus when you open an RESP
Get a $50 bonus when you open a registered education savings plan between September 1 and 30.3
- Desjardins Funds are offered by Desjardins Financial Services Firm Inc., a Desjardins Group company.
- Certain conditions apply.
- Certain conditions apply. Talk to your caisse advisor.
