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Registered Education Savings Plan (RESP)

Benefits of an RESP

Open an RESP for no charge and pay no annual administration fees at RBC Royal Bank.

  • Tax Sheltered Growth

    Earnings within an RESP are not taxed. When the funds are taken out for education, withdrawals are taxed in the student’s hands, often resulting in little or no tax.

  • Get Government Contributions

    Grow your savings faster with the Canada Education Savings Grant (CESG)1, Canada Learning Bond (CLB)2, and other government incentives. See RESP Grants and Bonds.

  • Built-In Flexibility

    If the child doesn’t pursue post-secondary education, you may be able to choose a new beneficiary. Or, if he or she wants to travel first, you have 35 years to use the funds.

How to Grow Your RESP Savings Faster

Invest Regularly

See how contributing $50 per week in an RESP adds up quickly when supplemented by the federal and provincial incentives.

Investing Chart Investing Chart

Calculations are for illustrative purposes only and are not intended to reflect future values or returns on investment from any mutual fund investment. Based on 6.26% average annualized and includes Canada Education Savings Grant (CESG) payments.

Automate Your Savings

With a regular, pre-authorized contribution plan you save without even thinking about it!

  • Start with as little as $50 per week
  • Contribute weekly, bi-weekly, monthly—you choose
  • Set it and forget it—contributions are automatically debited from your bank account (change, pause or stop at any time)
Get Started

Make the Most of Your RESP Options

"Did you know, there's more than one kind of RESP?”

- Justin, RBC Branch Manager

Fees, Contribution Rules, & More

RESP Rules and Contribution Limits

To take advantage of the benefits of an RESP, there are a few rules you’ll want to know about.

Read More
RESP Grants and Bonds

Discover the various government incentives and supplements that are available with RESPs.

Learn More
RESP Fees

If you wish to transfer your current RESP to a company outside RBC (and its subsidiaries), a $150 fee will apply.

Learn more

Looking for more? Download Your Guide to Saving for a Child's Post-Secondary Education

RESP FAQs

Explore top RESP questions.

There is a service fee of $150.00 for the transfer of property from an RESP to a company that is not a subsidiary of Royal Bank of Canada. This fee is subject to change. In the event this fee changes or new fees are introduced, RBC will notify clients by mail or electronically at least 30 days before the effective date of the change.

There is no charge to open an RESP with RBC Royal Bank.

You can contribute any amount to an RESP, subject to a lifetime limit of $50,000 per beneficiary. You can contribute to an RESP for up to 31 years, and the plan can remain open for a maximum of 35 years.

Yes! An RBC RESP Gift Cheque can be used to invest in a child’s future. RESP Gift Cheques can be deposited into new or existing RBC RESP accounts.

Once an RESP beneficiary is enrolled in a qualifying post-secondary education or training program, the accumulated income, grants and bonds within the RESP can be paid out to the student as an Educational Assistance Payment (EAP) at the discretion of the subscriber (person who opened the RESP).

An RESP beneficiary must claim all Educational Assistance Payments (EAPs)—as income on his or her tax return in the year that they are received. Usually, this results in little or no tax since students tend to be in the lowest tax bracket and can claim tax credits for the personal amount and education-related expenses. Contributions can be withdrawn tax-free.

An RBC RESP can hold a variety of investments, including Guaranteed Investment Certificates (GICs), mutual funds, portfolio solutions and savings deposits. You can also hold stocks and bonds through RBC Direct Investing™ and RBC Dominion Securities

You can contribute to an existing RESP online through RBC Online Banking or the RBC Mobile app(opens new window) if you have an RBC Royal Bank chequing or savings account:

View All FAQs Managing your RESP online

Ready to Invest?

Open or contribute to an RESP today!

Invest in an RESP Purchase a Different Investment

With the CESG, for an eligible beneficiary until the end of the calendar year they turn 17, the government matches 20% on the first $2,500 contributed annually to an RESP. The maximum total CESG the government will give, up to age 18, is $7,200 per beneficiary.
With the CLB for an eligible beneficiary, the government pays an initial $500 contribution in an RESP and a beneficiary may also be entitled to receive an additional $100 a year up until the age of 15.  The maximum total CLB payable is $2,000.  A contribution is not required to an RESP to receive the CLB.The total maximum CLB payable per child is $2,000.
This example is based on the results of a theoretical portfolio in a Registered Education Savings Plan with a 6.26% average annualized return, and includes Canada Education Savings Grant (CESG) payments. The CESG will add 20% of the first $2,500 contributed annually for each eligible child/beneficiary, up to maximum grant of $7,200. This example is strictly for illustrative purposes only and is not intended to be representative of the performance of any actual or future investment available to investors. Actual client returns may differ substantially. Mutual Funds are sold by Royal Mutual Funds Inc. (RMFI). There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please read the Fund Facts/prospectus before investing. Mutual fund securities are not guaranteed or covered by the Canada Deposit Insurance Corporation or by another government deposit insurer. There can be no assurances that a money market fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in a fund will be returned to you. Past performance may not be repeated. RMFI is licensed as a financial services firm in the province of Quebec.

Please consult your advisor and read the Fund Facts if you are considering purchasing mutual funds before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual fund securities are not guaranteed or covered by the Canada Deposit Insurance Corporation or by another government deposit insurer. For funds other than money market funds, unit values change frequently. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in a fund will be returned to you. Past performance may not be repeated. Royal Mutual Funds Inc. is licensed as a financial services firm in the province of Quebec.

Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.