​Registered Education Savings Plan (RESP)

Registered Education Savings Plan (RESP)


A better tomorrow for your family starts today.

As post-secondary education costs continue to spiral, an RESP helps families save for their children or grandchildren. It's a flexible way of investing in a child's future and a practical way to defer tax to the beneficiary, who will likely be in the lowest tax bracket when funds are withdrawn. And contributions can qualify for government grants!

Key Features
  • Funds grow tax-sheltered until the child withdraws money for post-secondary education
  • Principal amount can be withdrawn anytime, tax-free
  • Family plans allow the contributor to designate several children as beneficiaries
  • Accounts can stay open for up to 36 years if your child chooses to delay post-secondary education
  • Parents, guardians, grandparents, other relatives, or friends can open an account for a child
  • A variety of investment options are available, such as term deposits and mutual funds
  • Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)

Government Contributions

​Canada Education Savings Grant (CESG)

Everyone likes ‘free money.’ When you invest in a RESP, the federal government will contribute a CESG equal to 20% on up to $2,500 annually for each beneficiary up to 17 years old. This means $500 of free money each year with a lifetime limit of $7,200! Lower income families may qualify for an increased CESG of 30-40%. To receive this grant, the child must have a social insurance number. Applications for this grant are available at Moya Financial.

Canada Learning Bond (CLB)

The Canada Learning Bond (CLB) is money that the Government adds to a RESP for children born in 2004 or later from low-income families. This money helps to pay the costs of a child’s full- or part-time studies after high school. The eligible beneficiary receives a $500 grant the first year, plus $100 each subsequent year they qualify, up to a maximum of $2,000.

To learn more about RESPs, visit the Government of Canada website.

​Did you know?

We also offer the Moya Financial Scholarship to students entering their first year of university or college study.