Personal · Education
Funding education without derailing everything else
An RESP is usually the starting point, but the useful conversation is how much to contribute, when, and how education savings sit alongside retirement and debt.
The essentials
How an RESP works
Contributions are not tax-deductible; growth is sheltered and taxed in the student's hands on withdrawal, usually at a low rate.
Government grants
The Canada Education Savings Grant matches a percentage of annual contributions up to a lifetime maximum per child. Additional grants may apply based on income and province.
Family vs individual plans
A family plan can cover multiple children and allow flexibility if one child does not pursue post-secondary study.
Investment mix
The mix should get more conservative as the first tuition payment approaches.
Withdrawal planning
Educational assistance payments and contribution withdrawals are treated differently. Sequencing matters.
If plans change
Options exist if a child does not attend a qualifying program, including transfers in some circumstances.
Set up or review an education plan
We'll confirm what grants you're eligible for and build a contribution schedule you can sustain.
Grant amounts, contribution limits and eligibility rules are set by the Government of Canada and can change. Confirm current rules with your advisor before acting.