Start Saving Automatically Today!

With mortgage payments, household bills, RRSP contributions and other financial obligations, it may seem difficult to come up with the savings you need for your child’s education. One of the most effective ways to reach your goals — and ensure your child’s education receives the priority it deserves — is to commit to ongoing contributions through an RBC RESP-Matic. With an RESP-Matic, you contribute to your Registered Education Savings Plan (RESP) regularly and automatically. It's one less thing to worry about.

Why Save Automatically?

• Convenience: Your contributions are automatically debited from your bank account at RBC or another financial institution.
• Flexibility: You decide how much and how often you want to contribute — with available frequencies ranging from weekly to annually.

Of course, contributions will continue to benefit from all the advantages of an RESP, including eligibility for the Canada Education Savings Grant (CESG) and other government incentives, tax deferral and a wide range of investment choices.

See How Quickly Your Savings Can Grow

Even small contributions add up quickly with an RESP-Matic. As this chart⁽¹⁾ illustrates, small monthly contributions add up quickly over periods of 10, 15 and 21 years when they are supplemented by the CESG.

*** In this scenario, the calculations assume a lifetime contribution maximum of $50,000 will be reached early in the 11th year ($375/month x 12 months x 11.1 years = $50,000). Once this limit is reached, contributions and CESG payments will stop, with the annual increase in plan assets driven by 7% annual compound return assumption.

 

Set up an RESP-Matic Today!

Ensure your child’s education receives the priority it deserves. Contact an advisor today or go online to to set up a regular contribution to your RESP!

Set your RESP-Matic online

Call now 1-800-463-3863 Locate your nearest RBC branch