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Saving For Education - Canadian Registered Education Savings Plans
In today's competitive workforce a post secondary education is a necessity to obtaining a quality job. A four year degree at a Canadian university will cost you around $55,000 in present day 2008. With the cost of education increasing at a rate greater than inflation, the cost of education for a baby born today who is expected to enter post secondary education in 2026 will be approximately $116,000.

For the average Canadian family that represents a substantial amount of money. So, how can Canadians ensure they are prepared when it comes time to send their child off to a post secondary educational institution? The answer is to start saving early and take advantage of registered education savings plans (RESPs).

An RESP is a special savings account designed specifically by the Canadian Government to optimize savings for education. Anybody may open an RESP account for a child including a parent, grandparents, relative or family friend. The person who opens the RESP account is known as the Subscriber and the child for which the savings is for is referred to as the Beneficiary.

Benefits of an RESP

There are many benefits to opening a RESP account such as.
  • Money contributed to the RESP account is allowed to grow tax free

  • There are several Government Grants available to increase your education savings

  • Withdrawals from the RESP account are taxed at the child's marginal tax rate which is often 0% resulting in substantial tax savings
Government Grants

The government of Canada will help you save for your child's education through government grants.

The Canadian Education Savings Grant (CESG) is a grant offered when you contribute more than $500 a year to your child's RESP account. You may receive up to an additional $400 a year through this grant with a lifetime maximum contribution per child of $7,200.

The Canada Learning Bond (CLB) is another grant offered by the government of Canada aimed specifically at low income families. The Canadian Learning Bond is only available to children born after December 31st 2003 and is limited to $2,000 per child.

RESP Providers

Selecting an RESP provider is an important choice. Most banks and other financial institutions such as credit unions offer RESP accounts. As well there are specific companies that specialize in only selling RESP accounts such as Heritage Trust and Canadian Scholarship Trust.

Steps To Opening A RESP

To open an RESP account follow the steps listed below.
  • Ensure your child has a social insurance number (SIN)

  • Select an RESP provider

  • Decide of the type of RESP account that you wish to open

  • Select investments that will grow your savings

  • Contribute money to your RESP account

Registered Education Savings Plans are a smart way to save for your child's future post secondary education. Start saving early and you'll ensure that your child will have the opportunity their post secondary institution of choice and graduate with a minimized debt burden.

RESP Resources

Visit for a complete guide on Canadian RESPs.


Article Title : Saving For Education - Canadian Registered Education Savings Plans
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Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

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