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Registered Education Savings Plans (RESP)

A Registered Education Savings Plan is an investment vehicle with the specific purpose of funding post-secondary education for a beneficiary.

A key benefit of a RESP is the government grants attributed to the plan, which are based on the amount of funds invested and the age of the beneficiaries of the plan.

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How a RESP works         Learn more

  • Funds invested in a RESP grow tax free until such time as they are withdrawn by the beneficiary.
  • A RESP has one beneficiary (other than a Family Plan RESP which allows more than one beneficiary).
  • Subscribers, generally parents, name the beneficiary under the plan.
  • Subscribers can be:
    • Spouses or common-law partners as joint subscribers;
    • A public primary caregiver of the beneficiary;
    • For a Family Plan RESP, someone who is connected by blood or adoption to each beneficiary.
  • Subscribers make contributions to the RESP.
  • Contributions to a RESP are not deductible for tax purposes.
  • Income earned in a RESP is not taxable so long as it stays in the RESP.
  • If applicable, government grants are paid into the RESP. The available grants are:
    • Canada Education Savings Grant (CESG)
    • Canada Learning Bond (CLB)
    • Designated provincial education savings program
    • Grants based on family net income and eligibility