RESP Registered Education Savings Plan


One of the best ways to save for a child’s postsecondary education is through a Registered Education Savings Plan.

RESP whether you want to save for your own children, your grandchildren, a niece, nephew, or family friend, an RESP offers flexibility tax deferred investment growth and direct government assistance to help you save for a child’s education.


Registered Education Plan RESP interest income and investment growth earned within an RESP are not taxed as long as the funds remain in the plan.



The Canada Education Savings Grant CESG matches 20% on the first $2,500 contributed annually to a maximum of $500 a year $7,200 overall for a child under the age of 18, plus possible catch up on CESG Grants.





Canada Education Savings Grant CESG Federal Government pays a subsidy for each Child that is a Beneficiary of an RESP from the day the Child is born, until his/her 17th Birthday.




The current annual maximum CESG per beneficiary is $500 (i.e., 20% of the first $2,500 of contributions paid annually). Each child is entitled to a cumulative limit of $7,200.


A family that did not contribute to its child’s RESP for a year or more can receive a grant of not more than $1,000 as a CESG in a year (i.e., on a maximum contribution of $5,000).


The maximum annual grant on the first $500 contributed per child is increased slightly for low- and mid-income families.



The RESP will be required to repay CESG money in certain situations, such as when a beneficiary does not pursue higher education or the plan is terminated.


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