RESP – Registered Education Savings Plans

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For the love of learning. It pays to start early. $7,200 in government grants.

Education is priceless, but the cost of education isn’t. It’s anticipated that a four-year post-secondary education will cost between $99,000 and $130,000 by the year 2025. The most effective and tax-efficient way to save for this is through an RESP, because the federal government will match contributions by up to 20%. What’s more is that RESP proceeds are taxed in the child’s hands, often resulting in little or no tax. That being said, not all RESPs are created equal. We can help identify the best RESP for your childrens’ unique needs. 

What is an RESP?

A Registered Education Savings Plan (RESP) is a simple and practical solution established by the federal government for building capital to finance the education of a child you care about.

By investing in an RESP, you benefit from:

  • The basic Canada Education Savings Grant (CESG) will top up your annual contribution by 20%. The lifetime limit for the grant is generally $7,200.
  • The additional Canada Education Savings Grant may be available, depending on your income.
  • The Canada Learning Bond (CLB) provides an additional grant of up to $2,000 per child to help families with a modest income.
  • Tax-free growth for your investments.
  • plus more… 

Quick Facts

  • It is important to choose the RESP provider that best suits your needs. We can help you choose.
  • We will take the time to help you compare the advantages and risks of the different types of RESPs (family, individual and group). You have the right to look over all the information before making a decision.
  • You choose the contribution amount and frequency.
  • Income generated within an RESP is tax-sheltered until withdrawn from plan. The sooner you start contributing, the more your investment income will grow tax-free!
  • You may subcribe to an RESP regardless of your relationship with the beneficiary (parent, grandparent, relative or friend).

Family Entitlements

Universal Child Care Benefit (UCCB)

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  • The UCCB is a taxable monthly payment made to eligible families, to provide direct financial support for their child care choices for children under age six.

Canada Child Tax Benefit (CCTB)

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  • The CCTB is a tax-free monthly payment made to eligible families to help them with the cost of raising children under the age of 18.  The CCTB may include the National Child Benefit Supplement (NCBS), a monthly benefit for low-income families with children, and the Child Disability Benefit (CDB), a monthly benefit providing financial assistance for qualified families caring for children with severe and prolonged mental or physical impairments.

Ontario Child Benefit (OCB)

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  • The Ontario Government’s OCB is a tax-free monthly payment given to qualifying families with children under the age of 18.  This benefit will help lower-income families across Ontario with the cost of raising their children.  Benefits are combined with the CCTB into a single monthly payment.




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CWF Group lends clarity to these questions and so many more.  To find out more click here to speak with one of our specialist.