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No matter what your child's dream career may be, post-secondary education can be one of the keys to his or her success. Opening an RESP at any TD Canada Trust branch can be an effective way to save for your child's education and take advantage of the very attractive Canada Education Savings Grant (CESG).
The benefits of an RESP
As education costs continue to rise, an RESP can help maximize your savings for your child. There are no account fees for our RESPs. That means all your money starts working hard toward your savings goals right away.
- You can contribute up to a maximum of $50,000 for each child you name as a beneficiary in an RESP
- You can receive the Canada Education Savings Grant (CESG) and other government incentives that can add up to $500 or more annually per beneficiary
- Choose from a wide range of GICs and mutual funds to help your money grow
- Your contributions can grow every year on a tax-deferred basis
- When RESP grants and earnings are withdrawn for educational purposes, they are taxed at the student's tax rate, which is typically very low
The estimated costs of post-secondary education
Find out what you can expect to pay.
Making saving easier
Following these two simple rules can make it much easier to build
your RESP:
- Start early. The earlier you start, the more time your money has to multiply.
- Save on a regular basis. It's much easier to budget a smaller amount each month rather than having to come up with a large amount once a year. Our convenient automatic savings plans can be a big help.
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Types of RESPs
You can open an Individual Beneficiary Plan or a Family Beneficiary Plan.
- An Individual Beneficiary Plan is for one child and can be opened by anyone
- A Family Beneficiary Plan can be opened for one or more children, but they must be related to the subscriber by birth or adoption
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Individual Beneficiary Plan |
Family Beneficiary Plan |
| Number of beneficiaries |
1 |
1 or more |
| Beneficiary's relationship to subscriber |
No relationship requirement |
Related by birth or adoption |
| Who can open the Plan |
Anyone - aunts, uncles friends, and family |
Parents, grandparents and siblings |
| Sharing of assets |
Not applicable |
Funds not used by one beneficiary can be directed to another beneficiary within the Plan (some conditions apply) |
| Government grants |
All supported grants are available |
All supported grants are available if all beneficiaries are siblings(Plans with non-siblings are eligible for basic CESG only) |
See how easy it is to open an RESP today |
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