Registered Education Savings Plan (RESP)
Give your child a head start on their postsecondary education with an RESP.
What is an RESP?
An RESP is a specialized account sponsored by the Canadian government to encourage saving for a child’s future postsecondary education. An RESP can be opened up for anyone, including your children or grandchildren.
RESPs have a maximum lifetime contribution of $50,000, with no annual contribution limits. In addition to your contributions, the federal government will also contribute 20% annually on the first $2,500 deposited into an RESP until the end of the year in which the child turns 17 through the Canadian Education and Savings Grant program (CESG).
You may also access thousands of dollars in government grants to a lifetime maximum of $7,200 through the Canada Learning Bond (CLB). You do not get a tax deduction for the money you contribute into an RESP, and any interest earned is not taxed until withdrawn by the student.
RESP features you’re sure to enjoy
Enjoy flexible savings options
Your savings are tax deferred
Access the funds when and how your child needs
Get the most from your money with government grants
Variable savings
Choose this competitive interest, variable-rate savings option while you decide the best way to invest your funds.
- Earn interest right from dollar one
- Interest calculated on a minimum monthly balance and paid annually on December 31
- Deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba*
GICs
Choose a term length that works for you and earn a guaranteed rate of return.
- Choose from convenient 1- to 5-year terms with a minimum investment of $500
- Interest is paid annually and can be compounded (added to the GIC) or paid out to your account
- GICs are non-redeemable
- Tiered interest rates start at $100,000 and are paid on the entire balance
- Deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba*
Mutual funds
Mutual funds are a good way to diversify your savings portfolio and you can benefit from our knowledgeable advisors and professional investment management to meet your financial goals.
- Choose from a broad assortment of professionally managed mutual funds**
- Diversification for a portfolio that’s custom tailored to your needs and risk tolerance
- Convenient and simple way to invest in a variety of securities
RESP frequently asked questions
- Change the plan to another child
- Transfer money to another RESP
- Transfer the money to your RRSP
- Close the plan and redeem it (the tax slip for interest earned is sent to the subscriber)
RESP rates
| RESP / RDSP (variable) | 3.55% |
|---|
| GIC (RESP / RDSP) | |
|---|---|
| 12-month | 4.65% |
| 24-month | 4.45% |
| 36-month | 4.15% |
| 48-month | 4.10% |
| 60 month | 4.00% |
*Includes all savings and chequing accounts, RRSPs, RRIFs, TFSAs, FHSAs, and GICs.
**Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.
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Tips & tools
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