Invest in your child's future — with free money from the government
A Registered Education Savings Plan (RESP) is a special savings account designed to help Canadian families save for their children's post-secondary education. The Canadian government adds free money to your RESP through grants — up to $7,200 per child — making it one of the best ways to save for education.
At Ourinsurenase, we help you set up and manage your RESP. Our advisors will explain your options, maximize your government grants, and ensure your child's education fund grows tax-efficiently.
An RESP is a tax-advantaged savings account registered with the Canadian government. You contribute after-tax money, the government adds grants, and all investment growth is tax-deferred until the child withdraws the funds for post-secondary education.
Key features of an RESP:
The earlier you start, the more time your money has to grow. Here's why timing matters:
For example, if you start when your child is born and contribute $2,500/year, you'll receive $500/year in CESG grants. Over 18 years, that's $9,000 in grants alone — plus all the investment growth on top.
The government adds free money to your child's RESP
The government matches 20% of your contributions:
Free money for eligible families — no contribution required:
Additional provincial education savings incentives:
Your child needs a Social Insurance Number (SIN). Apply through Service Canada — it's free for children.
Decide between Individual, Family, or Group RESP. Our advisors will help you choose.
We help you open the RESP and select investments that match your goals and risk tolerance.
Start contributing. The government automatically adds grants. Watch your savings grow tax-free.
Choose the plan that works best for your family
For one beneficiary. Anyone can open one for any child — not just your own.
For multiple children in the same family. Most flexible and popular option.
Pooled plan with other families. Returns depend on the group's performance.
Up to $7,200 in CESG grants plus up to $2,000 in CLB bonds per child.
All investment earnings grow tax-free until your child withdraws for education.
University, college, trade school, apprenticeship — RESP covers it all.
Family plans let you share funds among siblings if one child doesn't attend.
No annual limit. Contribute what you can, when you can — up to $50,000 lifetime.
Know your child's education is funded — no student loans needed.
RESP requirements are simple
If your child doesn't pursue post-secondary education, you have options: (1) Keep the RESP open — they may decide to attend later (up to age 35). (2) Transfer the RESP to a sibling. (3) Withdraw your contributions tax-free. (4) Transfer up to $50,000 of earnings to your RRSP (if you have contribution room). Government grants must be returned if not used for education.
To maximize the CESG grant, contribute $2,500 per year per child — this gets you the full $500 grant (20% match). You can contribute more, but the grant is capped at $500/year. The lifetime contribution limit is $50,000 per child. Even small contributions help — the key is to start early and contribute regularly.
The CLB is free government money — up to $2,000 per child — that requires NO personal contribution. It's available to families receiving the National Child Benefit Supplement (NCBS) or families with income below a certain threshold. We can help you check if you qualify and set up the RESP to receive the CLB.
Yes! Anyone can open an Individual RESP for any child — parents, grandparents, aunts, uncles, friends. You just need the child's SIN. For a Family RESP, the beneficiaries must be related to you by blood or adoption.
When your child withdraws money for education, the contributions come back tax-free (since you already paid tax on them). The government grants and investment earnings (called Educational Assistance Payments or EAPs) are taxed as income in the child's hands — and since students typically have low income, they pay little or no tax.
The lifetime contribution limit is $50,000 per child. There is no annual limit — you can contribute as much or as little as you want each year, up to the $50,000 lifetime maximum. However, to maximize the CESG grant, it's best to contribute $2,500/year (since the grant is capped at $500/year).
Yes, you can have multiple RESPs for the same child at different financial institutions. However, the government grants (CESG, CLB) are calculated based on total contributions across all RESPs for that child. The $50,000 lifetime limit and $7,200 CESG lifetime maximum apply per child, not per plan.
You can invest in a wide range of options including GICs, mutual funds, ETFs, individual stocks, bonds, and cash. The right investment depends on your child's age, your risk tolerance, and your timeline. Our advisors can help you choose the best investment strategy for your RESP.
You can open an RESP at any time, but government grants are only available until the beneficiary turns 18 (CESG) or 15 (CLB). The earlier you start, the more time your money has to grow and the more grants you can receive. An RESP can stay open for up to 36 years.
Get up to $7,200 in free government grants. Our advisors make it easy to get started.
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