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“I Want to Save for a Child's Education”

Make a difference in a child’s future by contributing up to $50,000 (per child) to a Registered Education Savings Plan (RESP). RESP contributions are not tax deductible, but tax on investment income earned is deferred until the child withdraws the funds. Plus, you may be eligible to build your savings faster with government grants and incentives.

Benefits of Opening an RESP With Us

  • Choose from a range of investments including stocks, exchange-traded funds (ETFs), options, guaranteed investment certificates (GICs), mutual funds (including low-cost Series D), bonds and more.

Individual or Joint Accounts

Open a Family or Individual RESP, with the option to hold either plan as a joint account with your spouse/common-law partner.

Trade for $9.95 or Less1

Pay only $9.95 flat per trade1 with no minimum balance or trading activity or $6.95 flat per trade1 with 150+ trades per quarter.

Save on Fees

Enjoy no maintenance fee when you hold combined assets of $15,000 or more across all of your RBC Direct Investing accounts. This is just one of many ways to get the fee waived.2

Save for One Child—or Several!

An Individual Plan lets you save for one beneficiary, who does not have to be related to you. A Family RESP lets you 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. With a Family RESP, your beneficiaries must be related to you.

Grants for RESPs

You may be able to build your savings even faster with grants provided by the Government of Canada and some provincial governments. Here's a quick overview of what each government program provides—along with key eligibility requirements.

"Grants for RESP accounts" (a list of programs and providers, each with their amounts and eligibility requirements)
Program and Provider Amount Eligibility Requirements

Basic Canada Education Savings Grant (CESG)
(Government of Canada)

  • 20% of up to $2,500 contributed annually (maximum $500)
  • Lifetime limit of $7,200 per child
  • Available up until the end of the calendar year in which the child turns 17 (special rules apply at ages 16 and 17)
  • Beneficiary must have a valid social insurance number (SIN)

Additional CESG
(Government of Canada)

  • Paid in addition to the CESG
  • Adds an extra 10% or 20% (depending on family income) onto the first $500 contributed to the RESP annually

Based on family income:

  • 20% on the first $500 annually if net family income is $45,282 or less
  • 10% on the first $500 annually if net family income is between $45,282 and $90,563

(2016 amounts; Income thresholds are adjusted annually)

Canada Learning Bond
(Government of Canada)

  • $500 upon opening the RESP
  • $100 each subsequent year for up to 15 years
  • Children who were born after December 31, 2003
  • Family must receive the National Child Benefit Supplement

Quebec Education Savings Incentive
(Government of Quebec)

  • 10% tax credit paid directly to the RESP on up to $2,500 contributed annually (maximum $250)
  • Beneficiary must be under age 18 and a resident of Quebec

“I want to make investing as easy as possible.”

Make automatic deposits into your RESP with a Pre–Authorized Contribution Plan. Simply set it up and watch your savings grow.

Pre-Authorized Contributions

“I want to build the best possible RESP.”

Access extensive research from sources such as Morningstar and RBC Dominion Securities.

Tools and Research

I’m Ready to Get Started With RBC Direct Investing

Open an account online or try out our actual investing site — not a demo — with a practice account.