Registered Education Savings Plan (RESP)

A Registered Education Savings Plan (RESP) is a special savings account for parents, family and friends who want to save towards a child's post-secondary education after high school.


  • tax-sheltered savings growth; although contributions are not tax-deductible, all investment income generated in the RESP is tax-sheltered as long as it remains in the Plan
  • flexibility; withdraw money any time and use it for education expenses such as tuition, books and student accommodation
  • pay less taxes; when money is withdrawn and used towards a child's post-secondary education, the plan earnings and government contributions are taxed against the child and as a student, and she or he may pay little or no taxes on the money withdrawn
  • receive federal government contributions; a 20% bonus of up to $500 every year, to a lifetime limit of $7,200 per child
  • access to Canada Learning Bonds and enhanced Canada Education Savings Grants, which are available for qualifying low- to middle-income families
  • RESPs offer a choice of investments, including guaranteed investment certificates (GICs) and mutual funds*

To learn more or to open a RESP, please contact an ACU financial account manager or a Credential Asset Management Inc. advisor at ACU. 

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.


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