Start saving when they’re young with a Registered Education Savings Plan (RESP) and have enough to pay for college or university.
How education investments can work for you.
Cover all your bases
Take advantage of government grants while saving for your kid's education—whether they end up going to university, college, an apprenticeship program or trade school.
Pick your products
Choose from a range of mutual funds, investment savings and registered GICs. Profitable over the long term, perfect for education savings.
Get more free money
Experts at ATB Wealth™ can help you build a customized portfolio of RESP investments while setting your child up for potential government grant money.
Find the education investments that work for you.
Frequently Asked Questions
Current rules allow you to contribute a lifetime maximum of $50,000 per child. There's no annual contribution limit.
No you don't—the choice is yours. You can choose from individual plans (one beneficiary/child) or family plans (multiple beneficiaries/children).
All money in the plan grows tax free until it’s withdrawn for your child to use for post-secondary school. Government contributions along with interest income on both personal and government contributions are taxable as income upon withdrawal. Personal contributions were taxed prior to making the contribution, and so are exempt from further taxation when withdrawn. The bottom line: because most students fall within a lower income bracket with little to no income, the income tax students typical pay on money withdrawn from their RESP is low.
We get it—plans change. 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
Yes, anyone can contribute—not just the parents of the child.
Mutual Funds and other securities are offered through ATB Wealth.
ATB Wealth® (a registered trade name) consists of a range of financial services provided by ATB Financial and certain of its subsidiaries. ATB Investment Management Inc. and ATB Securities Inc. are individually licensed users of ATB Wealth. ATB Securities Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.
The information contained herein has been compiled or arrived at from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness, and ATB Wealth (this includes all the above legal entities) does not accept any liability or responsibility whatsoever for any loss arising from any use of this document or its contents. This information is subject to change and ATB Wealth does not undertake to provide updated information should a change occur. This document may not be reproduced in whole or in part, or referred to in any manner whatsoever, nor may the information, opinions and conclusions contained in it be referred to without the prior consent of the appropriate legal entity using ATB Wealth. This document is being provided for information purposes only and is not intended to replace or serve as a substitute for professional advice, nor as an offer to sell or a solicitation of an offer to buy any investment. Professional legal and tax advice should always be obtained when dealing with legal and taxation issues as each individual’s situation is different.