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future and a practical way to defer tax to the beneficiary, who will likely be in the lowest tax bracket when funds are withdrawn.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!



  • 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  • Principal amount can be withdrawn anytime, tax-free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)


Canada Education Savings Grant

Everyone likes ‘free money.’ When you invest in a RESP, the federal government will contribute a Canada Education Savings Grant (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.

If you would like more information or are ready to invest, please call or visit our Main Branch and speak with one of our Financial Services Representatives.