Registered Education 
Savings Plans (RESPs)1

 

 

 

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One of the best ways to invest in your child’s future

An RESP is a registered savings plan that can help you save for your child’s university or college education. The savings within your RESP grow tax-free until withdrawn. Even better, the federal government will match a percentage, subject to certain limits, of every eligible contribution made by you, the plan subscriber.

It’s never too late to get started, and a contribution every month, no matter how small, can add up quickly. Saving for your child’s education through a Scotia iTRADE RESP can also be a family affair; grandparents, aunts, uncles and even friends can open an account, contribute to the same child and be the subscriber† to an RESP plan.

With Scotia iTRADE, you have a range of RESP-eligible investments from which to choose. In fact, any investment that’s eligible for your RRSP is also eligible for an RESP – from equities to mutual funds, Exchange Traded Funds (ETFs) and cash.

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Education

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Pop Quiz: How much does a post-secondary education cost?

A full-time student in Canada paid an average of $16,000 for post-secondary schooling in 2014-15. That’s more than $66,000 for a four-year program.* An RESP is a smart way to provide one of the greatest gifts to your child and protect your own nest egg.

Unlike an Individual Plan, which has only one beneficiary, a Family Plan lets you name more than one child as beneficiary. That way, if the primary beneficiary doesn’t pursue a post-secondary education, a sibling can take advantage of the funds. See below for the key differences between the two plans.

  • A single beneficiary
  • Beneficiary does not have to be related to the subscriber
  • Beneficiary can be of any age
  • Contributions to the plan must generally stop at the 31st year after the end of the year the RESP was opened
  • Generally, the plan must be closed by the end of the 35th year after the year the plan was opened
  • Eligible beneficiaries can replace existing beneficiaries as long as they are not 21 years of age or older
  • Multiple beneficiaries are allowed in this plan
  • Beneficiaries must be related by blood or adoption to the subscriber
  • Beneficiary must be less than 21 years of age, except in certain circumstances
  • Contributions must be made in respect of individual beneficiaries
  • Contributions to the plan must stop at the earliest of the date that the beneficiary turns 31 years of age, or the 31st year after the end of the year the RESP was opened
  • Generally, the plan must be closed by the end of the 35th year after the year the plan was opened
  • Eligible beneficiaries can replace existing beneficiaries as long as they are not 21 years of age or older
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RESPs at a glance

  • Grows tax-free savings
  • Enables you to take advantage of generous government grants
  • Maximum lifetime contribution limit of $50,000 per child/beneficiary for all their RESPs combined together
  • Funds can be withdrawn as needed, and can be used for tuition, books, computers, transportation, or housing
  • Grants and investment returns are taxed to the child/beneficiary at their applicable income tax rate

U.S.-Friendly** Registered Education Savings Plans (RESPs)

For a flat fee of $30 per calendar quarter per account, enrollment in a U.S.-Friendly RESP allows you to save for your child’s education, while taking advantage of trading U.S. denominated securities, without paying a retail foreign exchange spread** in your Canadian denominated registered account.

Don’t forget to take advantage of government grants

In addition to growing your RESP savings tax-free, the Government of Canada offers you grants to help fund your child’s education:


For more information on these grants, please consult the Canada Revenue Agency website.

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