RESP: plan for your children’s education

An RESP (Registered Education Savings Plan) is where you save for your children’s education after high school, and the government may add support for an eligible beneficiary. Opening a plan alone does not guarantee grants; conditions apply.

1. Have a SIN (Social Insurance Number) for yourself as subscriber and for the child beneficiary; both are needed to open the plan. The subscriber manages the plan for the beneficiary under its terms.
2. Ask the provider about the conditions for government support: Canadian residency, the child’s age and family income. They may also need the primary caregiver’s details and consent, so have them ready.
3. Compare individual, family and group plans before signing: fees, payment, withdrawal and transfer rules, and get the terms in writing. For a group plan in particular, ask about required regular payments and charges for stopping.
4. Ask about the CESG (Canada Education Savings Grant), the CLB (Canada Learning Bond) and any provincial support. CESG needs an eligible contribution from you, CLB needs no contribution for an eligible beneficiary, and CESG has extra rules at ages 16 and 17.
5. Before withdrawing or transferring, ask how your contributions, the grants and the earnings are separated. It matters because each part is treated differently at withdrawal.

Caution: Some withdrawals mean repaying grants or paying tax; ask before you withdraw.

For education, not personal financial advice or a religious ruling. TFSA and RESP are registered account structures; the investments inside determine their nature and risk. Some options pay interest. Ask for product details and consult a qualified financial professional, and a qualified Sharia adviser if you wish to check alignment with your principles.

Bottom line: An RESP (Registered Education Savings Plan) is where you save for your children’s education after high school, and the government may add support for an eligible beneficiary. Opening a plan alone does not guarantee grants; conditions apply.

Last reviewed: 26 September 2026