RESPs



Registered Education Savings Plan (RESP)

It’s never too early to start saving for your child’s post-secondary education. We can help.

What is a Registered Education Savings Plan (RESP)?

A Registered Education Savings Plan (RESP) is a special tax-sheltered savings account that allows you to save for a child’s education after high school. 

Anyone can open an RESP account for a child—parents, guardians, grandparents, other relatives or friends. Your child can take money out of the RESP when they enrol in university or college or another qualifying education program or specified education program.

If you save for a child age 17 or under, the federal government also puts money into the RESP through grants and programs available. Information about RESPs

Learn more about RESPs.

Government Grants & Programs for RESPs

The Canadian Government has programs and grants readily available for you to access funding that will help you save for your child’s education faster.

Canada Learning Bond (CLB)

The CLB was designed to support lower income Canadians wanting to save for a child’s education. Qualifying families will receive $500 initially for opening the RESP without needing to make any contribution. Your child may also qualify for an additional $100 annually up to the age of 15, which could result in an additional $1,500 for an RESP.

The amount of funding received is dependent on the number of children in the family and net family income. To learn more about this program and eligibility rules, please visit the Government of Canada’s CLB website

Canada Education Savings Grant (CESG)

Through the CESG, the federal government will match 20% of funds contributed to the RESP of an eligible child to a maximum of $500 each year with a lifetime amount of $7,200. This base amount of 20% matching is not dependent on income. However, those from mid to lower income families may qualify to receive higher matching amounts of up to 40%. 

A contribution must be made to the RESP for a child to get the CESG. To learn more about this grant, please visit the CESG website.

How can I set up an RESP?

There are a couple different ways you can set up an RESP with us. You can contact us to book an appointment in branch or you can start the process right away by using the MySmartFUTURE portal by clicking the link below. 

Using MySmartFUTURE

MySmartFUTURE is a web portal that serves as an easy and convenient way to start the application process for government grants and programs that will help you save for your child’s education faster through an RESP.

· Start the online CLB/CESG application using the MySmartFUTURE portal by visiting: https://www.MySmartFUTURE.org/atlantic (or http://www.moneducavenir.org/atlantic for French)

· The online application takes 10 minutes or less to complete and requires only basic personal information 

· Once you submit your application, we will call you to set up an appointment to come in branch to finish the application and open the RESP. 

· For your appointment in branch, you will need to bring your and your child’s Social Insurance Number (SIN) and sign the application to complete the CLB/CESG application. You will also need two pieces of government issues identification to open the RESP.


 

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