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Save for children’s education


Start saving now for your child’s education and set them up on the path to success. RESPs are tax-sheltered, and there are federal grants available so you can watch your savings grow.

Key benefit:

  • Save for post-secondary education
  • No maximum annual contribution
  • Maximum lifetime contribution of up to $50,000
  • Tax-sheltered growth to save more
  • Variety of investment options
  • Choose between individual or family plans

Government education grants:

  • Up to $7,200 available through the Canada Education Savings Grant (CESG)
  • Based on net family income, an additional CESG is available for qualifying beneficiaries
  • Up to $2,000 available through the Canada Learning Bond
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Government grants

The ins and outs of RESPs and grants

Take advantage of federal grants that contribute to your RESP savings

  • Collect an extra $500/year through the CESG 
  • Get up to $2,000 through the Canada Learning Bond (CLB)
  • And more
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Smart investing

What can you invest in with an RESP?

Include different types of investments in your RESP to make the most of your money, including:

  • Savings accounts
  • Mutual funds
  • Term deposits

Doing the math

Use this calculator to map out the savings required for your child’s post-secondary education through individual contributions and government grants.

These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.

For students

Being a student is expensive. We can help with free banking, bursaries, and more.


LEARN MORE

For youth

See what we offer our younger members, including a free Chequing 40 account.


LEARN MORE

Explore other saving and investment options

RRSP


Save for retirement and save on taxes in the meantime— this option can do it all.


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RRIF


Manage retirement income while using the funds saved in your RRSP.


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TFSA


Set money aside and watch it grow throughout your lifetime, tax-free.


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Term Deposits


Worry-free investments for long-term funds, and your peace of mind.


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Mutual Funds


Save for retirement and save on taxes in the meantime— this option can do it all.


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Responsible Investing Portfolio


Save for retirement and save on taxes in the meantime— this option can do it all.


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Investment advise

Work with an investment advisor

An investment advisor can help you make sense of investing and develop strategies for your goals:

  • Get started with RESPs
  • Understand how contributions work
  • Develop personalized strategies with ongoing advice