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Education Savings (RESPs)

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Boost your child's education

A Registered Education Savings Plan (RESP) lets you save tax-sheltered for a child's education, ensuring your savings grow faster

Why invest in an RESP?


Help your child earn a degree with an RESP

Whether your child dreams of being a doctor, carpenter or cowboy, our financial planning experts can help you create a savings plan to ensure they achieve their dreams. 


Keep more money in your pocket

A tax-free savings accounts (TFSA) uses the power of tax-free savings growth to get you to your goals faster. Learn more about the benefits of a TFSA and save more money, today. 

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Jumpstart your learning journey

Get some much needed help to start you on your path to success with our Student Line of Credit. Access the funds when you need to buy textbooks, food or pay for rent. 

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Save for tomorrow's tuition

A typical semester at a Canadian post-secondary institution can cost anywhere from $5,000 to $14,000. How much do you need to set aside today?


Your RESP questions answered

You can contribute as much as you want per year to an RESP, but no more than $50,000 in total per beneficiary. Neither government grants nor any investment growth in your RESP count toward the $50,000 limit, so there could be more than $50,000 in your plan by the time your child needs it.

You can contribute to an RESP at any time during the year, as there is no deadline. Government grants are applied by the calendar year.

If you contribute to an RESP you won’t get a tax deduction, but when the student you’re saving for withdraws money from the plan for school, any investment growth in the plan will be taxed as that student’s income rather than yours – which can be a significant tax savings.

Regardless of your family income, the federal government will top up your annual contribution by 20%, up to $500 per year and $7,200 in total, per beneficiary. The program is called the Canada Education Savings Grant (CESG). If your family income is low, the plan may be eligible for a bigger grant. 

The Canada Learning Bond (CLB) is a federal government program that helps lower-income families pay for their children’s post-secondary education. If you qualify for and receive the Canada Child Benefit, you can apply for the CLB. The bond provides up to $2,000 for your child’s education in an RESP, whether or not you have saved any money of your own in it. 

To learn more about preparing for your child's education with RESPs and government programs, book a chat with one of our financial planning experts from Journey Wealth. 

Give us a call! We'll be happy to help you.

You will need to provide proof that the beneficiary is enrolled in a qualifying post-secondary educational program, and you may have to provide receipts for expenses such as books and laptops. Payments from the interest earned by an RESP, plus any Canadian Education Savings Grant, provincial grants or Canada Learning Bonds (also known as the educational assistance payment) are limited to $5,000 during the first consecutive 13 weeks of enrollment; after that you can request any size payment. You can withdraw as much of your own contributions to the plan as you wish at any time.

Gear up for education

Let our financial planning experts from Journey Wealth help you make the right decisions for your education savings goals.

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