The ABC of RESPs

Save for your child’s post-secondary education with an RESP that meets your current budget and future needs.

What's an RESP?


An RESP is an education savings plan designed to bring exclusive benefits to Canadians saving for their child’s post-secondary education.

Yet, according to a survey, only 53% of Canadian parents opened an RESP. That’s because many parents aren’t aware of what an RESP is or how to open a plan.

That’s why it’s important to know what you’re getting – or missing out on – with an RESP.

  • A subscriber, usually a parent or grandparent opens and contributes to the plan on behalf of a beneficiary, usually their child or grandchild;
  • A provider or promoter processes your RESP application and administers your plan;
  • Your child’s RESP can attract multiple government grants that help grow your savings;
  • You can choose a plan type that fits your family’s needs.

Want quick facts on RESPs? Read this article.

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According to a survey*, only 53% of Canadian parents opened an RESP

* ESDC 2016 CESP Annual Statistical Review

Why RESPs


Opening an RESP brings exclusive opportunities to grow your education savings and meet your goals faster, such as:

  • Access to the Canada Education Savings Grant (CESG), where the Canadian government will match 20% of the money you put into the account (to a maximum of $500 annually and a lifetime limit of $7,200 per child);
  • A chance for your child to qualify for additional provincial grants;
  • Tax incentives for you and your child;
  • Payment towards any form of post-secondary education allowed under the Income Tax Act (Canada);
  • Options for friends and family to also contribute;
  • Options to withdraw your money if your child eventually doesn’t want to get a post-secondary education.

Learn about your options if your child doesn’t want a post-secondary education.

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The government will match 20% of the money you put into the account

How RESPs work


Not all RESPs are the same. That’s why, to get the most out of your education savings, it’s important to know how RESPs work.

  • You can set up your RESP with a provider who will guide you through the process.
  • A provider like CST Spark will work with you to tailor your child’s RESP to your budget and goal.
  • You begin contributing to your RESP – this can be monthly or annually.
  • The government will add CESG to your child’s RESP.
  • Your provider will help you apply for any provincial grants your child may be eligible for.
  • When your child begins post-secondary education, they will receive educational assistance payment (EAPs), which include the grants and the earnings on the grants and your contributions.

See how Bright Plan gives you convenience and control in setting up and managing your plan.

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CST Spark will work with you to tailor your child’s RESP to your budget and goal

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