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Registered Education Savings Plan (RESP)

Start Saving Early – Open RESP Account Today with Voyage Financial.
  • Tax-free income & growth
  • Easy contribution plan
  • Choice of investments
  • Tailored advice.
  • Built-In Flexibility, Easy to Contribute.

What is an RESP?

A Registered Education Savings Plan, or RESP, is a government-registered savings plan that helps you save for a child’s post-secondary education. And the federal government can add to your savings with education grants. Plus, your savings grow tax-deferred until withdrawn.
Build education savings for your child using the Canada Child Benefit (CCB).
The sooner you put your Canada Child Benefit into an Education Savings Plan, the more time your contributions will have to grow.

What are the benefits of RESPs?

A government grant helps the savings grow.
To encourage saving for higher education, the federal and some provincial governments offer grant and tax incentive programs – without impacting your RESP contribution room.

Tax-deferred growth

You can contribute up to $50,000 per child and there are no taxes payable on the money earned in an RESP until it’s withdrawn. When RESP grants and earnings are withdrawn by the child for educational purposes, they are taxed at the student’s generally low tax rate.

Save Early, Earn More

Your contributions can grow surprisingly quickly when you use this special savings account, as the Government of Canada offers the Canada Education Savings Grant and the Canada Learning Bond exclusively to RESP subscribers.

Contribution limits

For 2007 and later years, there is no annual limit for contributions to RESPs, however, the lifetime limit on the amounts that can be contributed to all RESPs for a beneficiary is $50,000

Canada Education Savings Grant (CESG)

Employment and Social Development Canada (ESDC) provides an incentive for parents, family and friends to save for a child’s post-secondary education by paying a grant based on the amount contributed to an RESP for the child. The Canada education savings grant (CESG) money will be deposited directly into the child’s RESP.

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