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Registered Education Savings Plan (RESP)

​​​​While your child is learning the importance of the letters A-B-C-D, you need to be learning the importance of the letters R-E-S-P.

An RESP is a tax-deferred savings plan that makes it easier to save money for a child's post-secondary education.

And thanks to the Canadian Education Savings Grant (CESG), the federal government supplements RESP contributions, matching up to 20% of your annual contribution (to a maximum of $500 per beneficiary per calendar year.)

ATB’s RESP investment products include GICs; mutual funds, stocks and bonds—and even a specially designed RESP savings account, the Daily Interest Savings Account.

RESP features:

  • Current rules allow you to contribute a lifetime maximum of $50,000 per child. There is no annual contribution limit.
  • You can grow your savings faster with financial assistance from federal and provincial government grants.
  • All money in the plan grows tax free until it’s withdrawn, and when your child starts using the money for school, only the accumulated interest is taxable as income.
  • You can choose from individual plans (one beneficiary) or family plans (multiple beneficiaries)
  • Anyone can contribute to a child’s RESP, not just the parents of the child.
  • If your child decides not to attend post-secondary, your options include:
    • Designating an alternate beneficiary
    • Transferring the income earned (up to a maximum of $50,000) into an RRSP, provided there is unused contribution room in the RRSP
    • Withdrawing the funds
    • Donating the income earned to a post-secondary institution

Learn more about federal and provincial government RESP grants

Canada Education Savings Grant (CESG)

The CESG is a federal government incentive that pays 20 cents on every dollar you contribute to your RESP, up to a yearly maximum of $500 per beneficiary. The CESG goes directly into your RESP plan until the beneficiary reaches age 17.

Depending on the family’s net household income, an additional CESG payment may be available on the first $500 contributed to an RESP annually.1

Canada Learning Bond (CLB)1

This is a bond of $500 for children born on or after January 1, 2004 to families entitled to the National Child Benefit Supplement. These children could also receive an additional $100 each year until they reach 15 years of age.

How do I apply for these grants?

To set up an RESP and receive government grant money, your child needs a birth certificate and a social insurance number (SIN). Once you have set up the RESP, your ATB Financial or ATB Investor Services representative will apply for all eligible grants on your behalf.


Semi annual interest frequency is only available as simple interest and cannot be compounded. 1 Eligibility is determined by Canada Revenue Agency.​​​​​​​
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