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A Savings Plan as Unique as They Are

Each child is one of a kind. Their plan for post-secondary education should be, too.

What is an RESP?

A Registered Education Savings Plan (RESP) is a registered investment account that lets you save for your child or grandchild’s post-secondary education and take advantage of government grants to help build savings even faster.

What Else You Need to Know:

You choose what investments to hold in your RESP.

Select from a wide range of investments, including stocks, exchange-traded funds (ETFs), options, fixed-income investments like guaranteed investment certificates (GICs) and bonds, and mutual funds.

Your investment earnings will grow tax-deferred.

While your contributions can be withdrawn tax-free, tax on investment income earned will be deferred until the child withdraws the funds for school.

You can contribute up to $50,000 per child.

Contributions are not tax-deductible, but you can spread them out over time to fit your budget. Plus, you can hold the RESP as a joint account with your spouse or common-law partner.

The funds can be used for college, university, trade school, graduate school, and more.

That includes paying for everything from tuition to books to transportation. Also, your child can also use the funds later if they decide to postpone their post-secondary education.

You may be eligible for grants and incentives to grow your savings more.

You may be able to build your savings even faster with grants provided by the Government of Canada and some provincial governments.

Learn more about what each program provides and their eligibility requirements (opens modal window)

At RBC Direct Investing, there are two account types to select from: an Individual RESP to save for one child or Family RESP to save for more.

An individual plan lets you save for any one beneficiary. A family plan helps you save for multiple beneficiaries who are related to you and gives you the flexibility to allocate the RESP funds among multiple beneficiaries.

With an RESP, you can choose to open either an individual or family plan:

  • Individual RESP:
    Save for one beneficiary, who does not have to be related to you. (Son, daughter, grandchild, brother, sister, friend, niece, nephew, godchild or yourself.)
  • Family RESP:
    Save for multiple beneficiaries and add or change beneficiaries at any time. If a beneficiary does not pursue a post-secondary education, you can transfer the RESP funds to one who does. Beneficiaries must be related to you by blood and/or adoption. (Son, daughter, grandchild, brother or sister only.)

At RBC Direct Investing, You Can Also…

Conveniently Trade with Points

Use your Avion points to pay for trade commissions or turn them into cash contributions.

Access Exclusive Tools

Use powerful tools and the latest research to confidently make investment decisions.

Put Your Savings on Auto-Pilot

Save automatically, on a schedule that works best for you, with a Pre-Authorized Contribution (PAC) plan – and watch your savings grow.

What to Know Before Withdrawing from an RESP

There are a few dos and don'ts to consider when putting RESP funds to use.

It’s Never too Early to Get Started

Complete your application and start investing in their future.

Frequently Asked Questions

A Registered Education Savings Plan is an investment account that can help you save for a child (aka, the beneficiary)’s future while deferring tax on investment earnings until the funds are withdrawn to pay for educational expenses.

An RESP can be set up for any beneficiary, including your children, grandchildren, nieces, nephews or family friends. Each beneficiary must be a Canadian resident and have a Social Insurance Number (SIN), which can be obtained from a Service Canada Centre ( Beneficiaries can withdraw tax-deferred funds to pay for post-secondary education.

RESPs can be used to pay for a child’s post-secondary education. Because the plans can stay open for up to 35 years, there’s no rush to use the funds in the event your child chooses not to pursue a post-secondary education right away.

Contribute any amount to an RESP, subject to a lifetime contribution limit of $50,000 per beneficiary. You can contribute to an RESP for a maximum of 32 years (the year the plan opened plus 31 years), and the plan can remain open for a maximum of 35 years.

Learn more about RESP Rules and Contribution Limits

If the beneficiary is enrolled in a qualifying post-secondary educational program, you can submit an RESP withdrawal request form to pay for school tuition, residence, books, school supplies and other educational expenses.

RESP withdrawal forms can be found either by selecting Forms and Agreements under My Portfolio when you are logged into your account, or by visiting Download Forms and selecting “Withdrawal Requests” from the drop-down menu.

Once you have completed your form in full, please forward it to RBC Direct Investing either by mail or in person at an Investor Centre or RBC Royal Bank® branch.

RBC Direct Investing Inc.
Royal Bank Plaza
200 Bay Street, North Tower
P.O. Box 75
Toronto, Ontario, M5J 2Z5