{"id":1711,"date":"2025-08-25T10:09:16","date_gmt":"2025-08-25T10:09:16","guid":{"rendered":"https:\/\/www.bellvest.ca\/content-hub\/resources\/how-a-registered-education-savings-plans-helps\/"},"modified":"2025-08-27T15:12:08","modified_gmt":"2025-08-27T15:12:08","slug":"how-a-registered-education-savings-plans-helps","status":"publish","type":"resources","link":"https:\/\/www.bellvest.ca\/content-hub\/resources\/how-a-registered-education-savings-plans-helps\/","title":{"rendered":"How a Registered Education Savings Plan (RESP) Helps"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote has-medium-font-size is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>&#8220;The great aim of education is not knowledge but action.&#8221; \u2014 Herbert Spencer<\/em><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">A Registered Education Savings Plan (RESP) allows individuals to contribute to a trusteed plan to finance the cost of post-secondary studies for a child, grandchild, or even themselves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this blog, we will explore why Canadians should consider registering for an RESP, as well as what factors can help plan for your family&#8217;s future financial security and lifetime earnings potential.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How do RESP contributions work?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although contributions are not tax-deductible, investment returns accumulate in the plan tax-free and can be paid to a student as an Education Assistance Payment (EAP). Thankfully, most students have little to no income, meaning that many can withdraw on a tax-free basis during their education. But even with these benefits in place, Canadians don&#8217;t seem to be taking advantage of the opportunities available to them.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1978\" height=\"2560\" src=\"https:\/\/www.bellvest.ca\/content-hub\/wp-content\/uploads\/sites\/2\/2025\/01\/BIM-RESP-scaled.webp\" alt=\"An older woman and a young child knead dough together in a kitchen; text on the left presents statistics about education savings and RESP contributions in Canada.\" class=\"wp-image-3303\" srcset=\"https:\/\/www.bellvest.ca\/content-hub\/wp-content\/uploads\/sites\/2\/2025\/01\/BIM-RESP-scaled.webp 1978w, https:\/\/www.bellvest.ca\/content-hub\/wp-content\/uploads\/sites\/2\/2025\/01\/BIM-RESP-232x300.webp 232w, https:\/\/www.bellvest.ca\/content-hub\/wp-content\/uploads\/sites\/2\/2025\/01\/BIM-RESP-791x1024.webp 791w, https:\/\/www.bellvest.ca\/content-hub\/wp-content\/uploads\/sites\/2\/2025\/01\/BIM-RESP-768x994.webp 768w, https:\/\/www.bellvest.ca\/content-hub\/wp-content\/uploads\/sites\/2\/2025\/01\/BIM-RESP-1187x1536.webp 1187w, https:\/\/www.bellvest.ca\/content-hub\/wp-content\/uploads\/sites\/2\/2025\/01\/BIM-RESP-1583x2048.webp 1583w\" sizes=\"(max-width: 1978px) 100vw, 1978px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An RESP, which has a maximum life of 35 years, is typically a family or non-family plan. Most family plans allow for the addition of related beneficiaries throughout the plan&#8217;s term, while non-family plans are not subject to this requirement. As far as qualified investments go, an RESP follows a similar path as RRSPs, with the exception of certain annuity contracts:<\/p>\n\n\n\n<figure class=\"wp-block-table border-borderMain my-[1em] w-full table-auto border\"><table class=\"has-fixed-layout\"><thead><tr><th>Investment Type<\/th><th>Qualifies<\/th><th>Notes<\/th><\/tr><\/thead><tbody><tr><td>Cash, guaranteed investment certificates (GICs)<\/td><td>Yes<\/td><td>&nbsp;<\/td><\/tr><tr><td>Mutual funds<\/td><td>Yes<\/td><td>Including segregated funds<\/td><\/tr><tr><td>Exchange-traded funds (ETFs), <a href=\"https:\/\/www.bellvest.ca\/resources\/reits-and-high-net-worth-investing\/\">real estate investment trusts<\/a> (REITs)<\/td><td>Yes<\/td><td>Must be listed on a designated exchange<\/td><\/tr><tr><td>Public company shares<\/td><td>Yes<\/td><td>Most major world exchanges included<\/td><\/tr><tr><td>Government\/provincial bonds<\/td><td>Yes<\/td><td>&nbsp;<\/td><\/tr><tr><td>Listed corporate bonds<\/td><td>Yes<\/td><td>&nbsp;<\/td><\/tr><tr><td>Investment-grade private bonds<\/td><td>Yes<\/td><td>Must have investment-grade rating at acquisition<\/td><\/tr><tr><td>Insured mortgages<\/td><td>Yes<\/td><td>Under specified federal\/provincial laws<\/td><\/tr><tr><td>Private company stock, uninsured mortgages, certain commodities<\/td><td>No<\/td><td>Not qualifying investments<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-small-font-size wp-elements-b2347cbab5afb8a4a3df0bbcd1e9c974 wp-block-paragraph\">Table 1: Sample qualified investments as defined in the Income Tax Act. <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/registered-plans-administrators\/registered-education-savings-plans-resps\/registered-education-savings-plans-resps.html#:~:text=2(m)%20Are,about%20qualified%20investments.\">Government of Canada<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What&#8217;s the Canada Education Savings Grant (CESG)?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Through the Employment and Social Development Canada (ESDC) initiative, the federal government incentivizes parents, family, and friends to help children pursue higher education by paying a grant determined by contributions made to an RESP.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The ultimate goal of the Canada Education Savings Grant (CESG) program is to encourage long-term savings intended for post-secondary education, and as such, beneficiaries who are 16 or 17 years of age have specific requirements to be eligible. Namely, one of the following conditions must be fulfilled:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><p data-pm-slice=\"1 1 []\">The RESP must have a minimum of $2,000 contributed to (and not withdrawn from) before the end of the calendar year when the beneficiary turns 15 years old.<\/p><\/li>\n\n\n\n<li><p data-pm-slice=\"1 1 []\">At minimum, an annual contribution of $100 was made to (and not withdrawn from) the RESP four years or fewer prior to the end of the calendar year of the child turning 15 years old.<\/p><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The maximum annual CESG per beneficiary is $500, or 20% of the first $2,500 of contributions calculated annually. Each child is entitled to a cumulative lifetime CESG of $7,200. As of July 2025, additional CESG may be available for households that have an annual net income below $57,375 with 1\u20133 children.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A plan that has not been contributed to for a year or more and therefore has unused contribution room for future years can receive a CESG of not more than $1,000 in a calendar year\u2014given the 20% rule mentioned above, a $5,000 contribution would be required to receive that amount.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What&#8217;s the Canada Learning Bond (CLB)?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Low-income families with children born in 2004 or later may be eligible for a CLB, which provides an initial payment of $500 and an additional $100 for each year of eligibility. In other words, $2,000 is the maximum possible allotment through the program. The period ends once the child is 15 years of age or if household income falls under the threshold\u2014for July 2025, families with 1\u20133 children must have a net family income below $57,375 to be eligible for maximum benefits. This figure is indexed annually, as the table below indicates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The ESDC will deposit $25 into the account in an effort to help cover the cost of opening an RESP, and the CLB will deposit $500 after that. In theory, this should help families who are discouraged by the one-time expense of opening an account.<\/p>\n\n\n\n<figure class=\"wp-block-table table table-bordered table-responsive\"><table class=\"has-fixed-layout\"><thead><tr><th>Number of children<\/th><th>Income bracket range<\/th><th>Adjusted income level<\/th><\/tr><\/thead><tbody><tr><td>1 to 3<\/td><td>Less than or equal to<\/td><td>$57,375<\/td><\/tr><tr><td>4<\/td><td>Less than<\/td><td>$64,733<\/td><\/tr><tr><td>5<\/td><td>Less than<\/td><td>$72,123<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-small-font-size wp-elements-4631f7aacee9f30c5528e6d2e32216b2 wp-block-paragraph\">Table 2: Revised income brackets for the Canada Learning Bond (CLB) for the July 1, 2025, to June 30, 2026, benefit year. <a href=\"https:\/\/www.canada.ca\/en\/employment-social-development\/services\/student-financial-aid\/education-savings\/resp\/resp-promoters\/bulletin\/notice-2025-1095.html#:~:text=Adjusted%20income%20brackets%20for%20the%202025%2D2026,higher%20adjusted%20incomes%20is%20available%20on%20request.\">Government of Canada<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s worthwhile to note that personal contributions are not necessary for children to receive CLB benefits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are Educational Assistance Payments (EAPs)?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Education Assistance Payments are distributions of non-contribution amounts accumulated in the RESP. To be entitled to receive payments, a beneficiary must be registered in a qualifying post-secondary program. An $8,000 limit applies to Educational Assistance Payments paid to full-time students during the first 13 consecutive weeks of an eligible program, following which there is no limit on withdrawals as long as the child maintains their registration status. Part-time students who take at least 12 hours of courses per month can generally receive EAPs up to $4,000 per semester. RESP beneficiaries can receive payments from the plan up to six months following termination from the program.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Are RESP withdrawals taxed?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Original contributions to the plan can be withdrawn tax-free at any time, but if education is not pursued, any CESG and CLB must be repaid. Further, the accumulated interest payments are taxed at the subscriber\u2019s marginal rate plus an additional 20% tax, which can be mitigated by transferring up to $50,000 to an RRSP.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In plain terms, contribution refunds are never taxed, government grants must be reimbursed if not used for education, and growth within the account is taxable. Specific withdrawal strategies can potentially minimize taxes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Can RESP funds be transferred?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Under certain circumstances, individuals may consider withdrawing the principal contributions and income generated by the plan. Depending on the scenario, there are certain ways to reduce the payable taxes by transferring the accumulated income payments to tax-advantaged accounts. We recommend consulting with an accountant or a Family Wealth Advisor to learn more about your situation and next steps.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Are RESPs right for me?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although university, apprenticeships, or college aren\u2019t for everyone, the important takeaway is that the RESP should be considered a tool to provide children with as many options as possible for their future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Planning ahead can be difficult, but if it means the next generation will be better equipped to find their calling in life, it\u2019s worth it. It might be helpful to think of an RESP as an investment in keeping as many doors as possible open for your children\u2014the one they choose is up to them, whether that involves higher education or otherwise.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is a surface-level overview of just one of the many resources at your disposal to help your loved ones get ahead. There are always nuances to consider when planning, and if you have any questions, we\u2019re here to answer them.<\/p>\n","protected":false},"featured_media":3195,"template":"","blog-hubspot-tags":[],"resources-type":[24],"resources-categories":[17],"class_list":["post-1711","resources","type-resources","status-publish","has-post-thumbnail","hentry","resources-type-blog-post","resources-categories-wealth-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How a Registered Education Savings Plan (RESP) Helps - Bellvest Content Hub<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bellvest.ca\/content-hub\/resources\/how-a-registered-education-savings-plans-helps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How a Registered Education Savings Plan (RESP) Helps\" \/>\n<meta property=\"og:description\" content=\"&#8220;The great aim of education is not knowledge but action.&#8221; \u2014 Herbert Spencer A Registered Education Savings Plan (RESP) allows individuals to contribute to a trusteed plan to finance the cost of post-secondary studies for a child, grandchild, or even themselves. In this blog, we will explore why Canadians should consider registering for an RESP, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bellvest.ca\/content-hub\/resources\/how-a-registered-education-savings-plans-helps\/\" \/>\n<meta property=\"og:site_name\" content=\"Bellvest Content Hub\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bellwetherinvestments\/\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-27T15:12:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bellvest.ca\/content-hub\/wp-content\/uploads\/sites\/2\/2025\/01\/3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.bellvest.ca\\\/content-hub\\\/resources\\\/how-a-registered-education-savings-plans-helps\\\/\",\"url\":\"https:\\\/\\\/www.bellvest.ca\\\/content-hub\\\/resources\\\/how-a-registered-education-savings-plans-helps\\\/\",\"name\":\"How a Registered Education Savings Plan (RESP) Helps - 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