Registered Education Savings Plan (RESP)

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 possible tax bracket at withdrawal. And contributions can qualify for government grants!



  • Funds grow tax-sheltered until the child begins post-secondary education
  • Principal amount can be withdrawn anytime, tax-free
  • Allowable contribution amount cannot be replenished
  • All funds in the plan must be withdrawn before the end of the plan’s 35th year
  • Family plans allow the contributor to designate several children as beneficiaries
  • Insurable deposits covered by the Deposit Insurance Corporation of Ontario (DICO)


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.