Registered Education Savings Plan (RESP)

The Registered Education Savings Plan is a government-approved plan that allows you to save for a child's post-secondary education. Investing in an RESP will give you and your family more financial freedom when making the choices that will affect your child's future.
Start today by making affordable, convenient monthly deposits.

Did You Know?

Grandparents can open RESPs too! A Subscriber (the person who opens the RESP and is the registered owner of the plan) can be a parent, grandparent or even a family friend.

Don't Miss Out on Annual Grants!

RESPs are eligible for up to $10,400 in government contributions when you start early:

    1. Canada Education Savings Grant (CESG) – up to $7,200
    2. Canada Learning Bond (CLB) – up to $2,000
    3. British Columbia Training and Education Savings Grant (BCTESG) - $1,200 one-time grant

CESG


The Federal government contributes 20% annually on the first $2,500 deposited into an RESP - an annual maximum of $500 per year per beneficiary.  If an RESP contribution of $2,500 is not made annually for a beneficiary, CESG room can be carried forward. The maximum lifetime CESG paid to a beneficiary for all RESPs is $7,200.  Go to the Government of Canada website for additional information.

CLB


The Canada Learning Bond is available to children born on or after January 1, 2004 and paid only into an RESP. Eligibility for the CLB is based on the net income of the child's family, with eligible beneficiaries receiving an initial grant of $500 and subsequent annual grants of $100. The lifetime maximum is $2,000 per beneficiary. Go to the Government of Canada website for additional information.

BCTESG


The British Columbia Training and Education Savings Grant (BCTESG) is a $1,200 grant that needs to be applied for after the child’s sixth birthday and before their ninth. The first day to apply for the new grant was August 15, 2015.

Details:

  • $1,200 one-time grant
  • Child must be born on or after January 1, 2006
  • Child must have an RESP prior to grant application
  • Allows for grant sharing among siblings.

Important Notice:

Since this is a new program, if your child had their 6th birthday in 2013, 2014 or 2015, you have an extension until August 14, 2018 or the day before their ninth birthday, whichever is later to get the grant. If your child was born in 2006, you have an extension until August 14, 2019, to get the grant. Go to the BC Government website for additional age and deadline information.

Grant Application Period for Eligible Children

Birth Year 1st Day of Eligibility 1st Day to Apply Last Day to Apply
2006 Child’s 6th birthday in 2012 August 15, 2016 August 14, 2019
2007 Child’s 6th birthday in 2013 August 15, 2015 August 14, 2018
2008 Child’s 6th birthday in 2014 August 15, 2015 August 14, 2018
2009 Child’s 6th birthday in 2015
from January 1, 2015 to August 15, 2015		 August 15, 2015 August 14, 2018
Child’s 6th birthday after August 15, 2015 Day the child turned 6 Day before the child turns 9
2010 or later Child’s 6th birthday Day the child turns 6 Day before the child turns 9