Registered Education Savings Plan (RESP)
An RESP is an education savings account that is registered with the Government of Canada.
With an RESP, you may be able to receive other saving incentives, such as the:
- Canada Learning Bond;
- Basic and Additional Canada Education Savings Grant; and
- Alberta Centennial Education Savings Plan
Applicants must meet the following criteria:
- have a Social Insurance Number (SIN)
- have a SIN for anyone named in the RESP as a beneficiary
Other criteria may apply.
- Visit the CanLearn Web site to get more details on RESP.
- Information on the RESP application procedure is also available through financial institutions, such as a bank or credit union, or through a certified financial planner or a group plan dealer. These institutions, planners and dealers are known as "RESP providers."
- For each beneficiary, the lifetime limit is $50,000.
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