Registered Education Savings Plans (RESPs)

A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter).

Under the contract, the subscriber names one or more beneficiaries (the future student(s)) and agrees to make contributions for them, and the promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries.

There are two different types of RESP available: family plans and specified plans.

For more information, please contact me.

Source: Canada Revenue Agency

Registered Education Savings Plans (RESPs)

A Registered Education Savings Plan (RESP) is an investment vehicle primarily used by parents to save for their children's post-secondary education.

The primary benefits of using an RESP to save for your children's education include access to the Canadian Education Savings Grant (CESG) and the ability to shelter the RESP's growth from taxes until funds are withdrawn.

There's lots to know about RESPs and how they fit into your family's overall financial picture. For more information, please feel free to contact us.

Mackenzie Investments' RESP Guide

Download this guide to learn more about how to invest in your child's future with a Registered Education Savings Plan.

All about RESPs

The Basic Canada Education Savings Grant (and other government grants) and tax-deferred growth make RESPs an attractive way to save for the rising cost of a child's education.  Learn more.

Get the facts about RESPs before you invest

Click here to download an RESP guide published by the Ontario Securities Commission.

Education Savings Goal Calculator

Click here to see a calculator that helps you determine the amount of money you need to save for your children's education.

Manulife Segregated Fund RESP

Helping to fund a child’s post-secondary education is one of the most important investments you can make in their future, especially in today’s competitive environment where a good education is crucial to success. Yet, with the rising cost of tuition fees and living expenses, personal savings alone may not be enough to cover the cost of higher education.

The Manulife Segregated Fund RESP is a new investment solution to help you save for a future post-secondary education need.

What you should know:

  • A Registered Education Savings Plan (RESP)  is a flexible and convenient way to save for a child’s future post-secondary education
  • Government grants and incentives may be available to qualified Student Beneficiaries to help RESP savings grow
  • Investment income generated in an RESP is tax-sheltered as long as it remains in the plan
  • When withdrawn, plan growth and government grants can be taxed at the student’s tax rate (he or she could pay little or no tax on this money)
  • There is no annual contribution limit with an RESP, but the lifetime maximum is $50,000 per Student Beneficiary
  • Anyone can open an RESP – parents, guardians, grandparents, other relatives, or friends
  • Individuals can also purchase an RESP for themselves for future post-secondary education needs
  • A segregated fund contract offers unique protection features, including death benefit and maturity guarantees

Please feel free to contact us to learn more about RESPs and get more information on the government incentives and grants available.

The Manufacturers Life Insurance Company is the issuer of the Manulife Segregated Fund Education Savings Plan insurance contract and the guarantor of any guarantee provisions therein.