A post-secondary education has become increasingly important, and investing in a Registered Education Savings Plan (RESP) can be an affordable way to give a child more financial freedom when it’s time to make future plans.

An RESP is a government approved plan to help you save for your child's post-secondary education, up to a lifetime maximum of $50,000.  When it becomes time to withdraw the money for qualified school expenses, income earned within the plan is not taxed until it's withdrawn.

Additionally, the child may be eligible to receive grants and subsidies from the government through the Canadian Education Savings Grant, Canada Learning Bond and Alberta Provincial Grant.

The RESP contribution deadline is December 31 each year, meaning you have the oppportunity to boost your annual RESP savings through the Government of Canada's "Canadian Education Savings Grant" and "Canada Learning Bond" programs.

There’s a lot to know about RESPs, so talk with our friendly staff at your local branch, call us at 1.844.648.6466.

The advice on our website is prepared without knowing your personal objectives, financial situation or needs. Before you act on this or any advice, please consider if it's right for you, and reach out to our teams to help determine if the product is appropriate for you.