{"id":88232,"date":"2024-07-22T14:31:46","date_gmt":"2024-07-22T18:31:46","guid":{"rendered":""},"modified":"2024-09-06T11:37:29","modified_gmt":"2024-09-06T15:37:29","slug":"what-is-an-resp-and-how-does-it-work-key-things-you-need-to-know-about-this-popular-savings-tool","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-is-an-resp-and-how-does-it-work-key-things-you-need-to-know-about-this-popular-savings-tool\/","title":{"rendered":"What is an RESP and how does it work?: Key things you need to know about this popular savings tool"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/question-of-the-week\/\">\n\t\t\t\t\t\t\t<span>Question of the Week<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">What is an RESP and how does it work?: Key things you need to know about this popular savings tool<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Inspired Investor Team<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2463555619-2.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Father helping children with homework at kitchen table\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2463555619-2.jpg 6449w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2463555619-2.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2463555619-2.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2463555619-2.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2463555619-2.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2463555619-2.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=What is an RESP and how does it work?: Key things you need to know about this popular savings tool &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-is-an-resp-and-how-does-it-work-key-things-you-need-to-know-about-this-popular-savings-tool\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-is-an-resp-and-how-does-it-work-key-things-you-need-to-know-about-this-popular-savings-tool\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 22, 2024 \u2022 12 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Children deserve the best possible opportunities in life, but in this climate of rising expenses, parents are looking at today\u2019s post-secondary tuition costs and worrying about how to support the big dreams their little one may have one day. In 2023, Canada\u2019s undergraduate tuition fees reached their highest level ever, <a href=\"https:\/\/www150.statcan.gc.ca\/t1\/tbl1\/en\/tv.action?pid=3710000301\" target=\"_blank\" data-dig-id=\"LP-88232-1315385c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"topping $7,000\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">topping $7,000<\/a> annually.<\/p>\n\n\n\n<p>A popular savings tool can help: the <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/resp.html\" data-dig-id=\"LP-88232-5d452c91\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Registered Education Savings Plan (RESP)\" class=\"rbc-link-format\">Registered Education Savings Plan (RESP)<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is an RESP?<\/h2>\n\n\n\n<p>An RESP is a tax-sheltered plan to help save up for a child\u2019s post-secondary education. Parents and other loved ones can open and contribute to the RESP over the years\u2014and when their budding scholar is ready, funds can be used not only for college and university, but for trade schools, CEGEPs and apprenticeship programs as well.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why open an RESP?<\/h2>\n\n\n\n<p>Today, <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/pub\/81-595-m\/81-595-m2023004-eng.htm\" target=\"_blank\" data-dig-id=\"LP-88232-84abae82\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"three-quarters (75 per cent)\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">three-quarters (75 per cent)<\/a> of young Canadians attain a postsecondary qualification, according to Statistics Canada.<\/p>\n\n\n\n<p>However, at the same time, many parents and guardians are looking at the costs of sending a child to college or university and asking how they will possibly afford it\u2014especially when inflationary pressures are making it <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/220907\/dq220907b-eng.htm\" target=\"_blank\" data-dig-id=\"LP-88232-2d117dd2\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"more expensive to be a student\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">more expensive to be a student<\/a>, from tuition fees to housing costs to grocery bills. Planning early for the costs of higher education will help to pave the way.<\/p>\n\n\n\n<p>RESPs are seen as a win-win. They on can help motivate parents to start saving for their child\u2019s postsecondary education earlier. Plus, if parents choose to set up a <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-it-really-means-to-pay-yourself-first\/\" data-dig-id=\"LP-88232-0c773790\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"pre-authorized contribution (PAC)\" class=\"rbc-link-format\">pre-authorized contribution (PAC)<\/a>, a PAC can help making saving for this goal a more regular habit. In turn, the savings can motivate children to go ahead and pursue higher education, because they\u2019re secure in the knowledge that financial resources are there to help them.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3 key benefits of an RESP<\/h2>\n\n\n\n<p>Canada\u2019s RESPs have three main features that make them attractive for saving:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Tax advantages<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Your RESP contributions grow tax-free. When the funds are eventually withdrawn, the income is taxed at that point, but under the student\u2019s name.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Direct government support<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>There are&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/resp-grants-bonds.html\" data-dig-id=\"LP-88232-1e15d0a5\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"grants, bonds and incentives\" class=\"rbc-link-format\">grants, bonds and incentives<\/a>&nbsp;to help grow your RESP.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Most notably, when you contribute to the RESP, the federal government will match your contribution through the Canada Education Savings Grant (CESG) by 20 per cent on contributions of up to $2,500 every year. This means you can receive a maximum Canada Education Savings Grant (CESG) contribution of $500 per year in your RESP (up to a lifetime limit of $7,200).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The provinces of Quebec and British Columbia also offer their own provincial incentives.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Built-in flexibility<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>RESP funds can be used for a wide range of educational expenses, from tuition to living costs, and across various types of post-secondary education, from trade schools to universities,&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/employment-social-development\/programs\/designated-schools.html\" target=\"_blank\" data-dig-id=\"LP-88232-64a633b6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"both in Canada and abroad\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">both in Canada and abroad<\/a>. Additionally, RESPs allow for multiple beneficiaries, making them useful for families with more than one child.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group mar-b-hlf has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p><strong><em>Did you know?<\/em><\/strong><\/p>\n\n\n\n<p><em>Lower-income families are eligible for additional benefits. The Canada Learning Bond can provide up to $2,000 for eligible children, even without other contributions to the RESP.<\/em><\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">How much could I save up with an RESP?<\/h2>\n\n\n\n<p>You\u2019ll be surprised by how quickly a monthly contribution to your child\u2019s RESP can add up.<\/p>\n\n\n\n<p>Let\u2019s imagine a scenario where:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\">You open a RESP for your child born in 2024<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You save up for 17 years<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You make an annual contribution of $2,500 starting in 2024 to maximize your Canada Education Savings Grant (CESG)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>We\u2019ll assume an average annual return of 4.38 per cent (net of fees)*<\/p>\n<\/li>\n<\/ul>\n\n\n\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><strong>Year<\/strong><\/td><td><strong>Annual Contribution<\/strong><\/td><td><strong>CESG Contribution<\/strong><\/td><td><strong>Total Contribution<\/strong><\/td><td><strong>Closing Balance<\/strong><\/td><td><\/td><\/tr><tr><td><strong>2024<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$2,500<\/td><td>$3,131<\/td><td><\/td><\/tr><tr><td><strong>2025<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$5000<\/td><td>$6,400<\/td><td><\/td><\/tr><tr><td><strong>2026<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$7500<\/td><td>$9,811<\/td><td><\/td><\/tr><tr><td><strong>2027<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$10000<\/td><td>$13,371<\/td><td><\/td><\/tr><tr><td><strong>2028<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$12500<\/td><td>$17,088<\/td><td><\/td><\/tr><tr><td><strong>2029<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$15000<\/td><td>$20,967<\/td><td><\/td><\/tr><tr><td><strong>2030<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$17500<\/td><td>$25,015<\/td><td><\/td><\/tr><tr><td><strong>2031<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$20000<\/td><td>$29,241<\/td><td><\/td><\/tr><tr><td><strong>2032<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$22500<\/td><td>$33,652<\/td><td><\/td><\/tr><tr><td><strong>2033<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$25000<\/td><td>$38,256<\/td><td><\/td><\/tr><tr><td><strong>2034<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$27500<\/td><td>$43,061<\/td><td><\/td><\/tr><tr><td><strong>2035<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$30000<\/td><td>$48,077<\/td><td><\/td><\/tr><tr><td><strong>2036<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$32500<\/td><td>$53,312<\/td><td><\/td><\/tr><tr><td><strong>2037<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$35000<\/td><td>$58,776<\/td><td><\/td><\/tr><tr><td><strong>2038<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$37500<\/td><td>$64,166<\/td><td><\/td><\/tr><tr><td><strong>2039<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$40000<\/td><td>$69,583<\/td><td><\/td><\/tr><tr><td><strong>2040<\/strong><\/td><td>$2,500<\/td><td>$500<\/td><td>$42500<\/td><td>$75,237<\/td><td><\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>*For illustrative purposes only. The results are based on an estimated annual return of 4.38%, which is aligned to a \u201cbalanced\u201d investor portfolio. Investment results are not guaranteed.<\/p>\n\n\n\n<p>By the time your child graduates from high school, the RESP could have more than $75,000 waiting for them to use for their post-secondary education.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the different types of RESPs?<\/h2>\n\n\n\n<p>There are three types of RESPs: individual, family and group. The most popular are the individual and family plans. You may want to speak to an advisor about which type works best for your situation.<\/p>\n\n\n\n<p><strong>Individual:<\/strong>&nbsp;This type of plan allows you to save for one individual with fewer restrictions about who that individual is: it could be a child, a family friend, or even yourself for down the line. &nbsp;<\/p>\n\n\n\n<p><strong>Family:<\/strong>&nbsp;This type of plan allows you to save for more than one beneficiary, but they must be a relative (by blood or adoption). When the time comes to withdraw, the money does not need to be equally distributed (for example, if one child goes on to law school but the other child stops after undergraduate studies); but each named beneficiary does need to use a portion.<\/p>\n\n\n\n<p><strong>Group:<\/strong>&nbsp;This type of plan is usually offered by non-taxable entities like foundations, rather than parents or families.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How do you open an RESP?<\/h2>\n\n\n\n<p>Opening an RESP is easy. You can do it in-person&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/invest-now.html?tab=resp_tab&amp;_gl=1*1xa20lu*_up*MQ..*_ga*MTY0OTU2MjY2My4xNzE3NDI0ODEw*_ga_89NPCTDXQR*MTcxNzQyNDgwOS4xLjAuMTcxNzQyNDgwOS4wLjAuMA..*_ga_22PRMSS*MTcxNzQyNDgwOS4xLjAuMTcxNzQyNDgwOS4wLjAuNDEzMjUyMzg0\" data-dig-id=\"LP-88232-45599dcd\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"or online\" class=\"rbc-link-format\">or online<\/a>. There is no charge.<\/p>\n\n\n\n<p>You can set one up for any beneficiary, including your children, grandchildren, nieces, nephews or family friends. Each beneficiary must be a Canadian resident and have a Social Insurance Number (SIN). With a Family Plan, you can name more than one beneficiary, for example, all four of your grandchildren.<\/p>\n\n\n\n<p>An advisor can help you understand the best investment options for your situation and set up a pre-authorized contribution (PAC) to make contributing as seamless as possible.<\/p>\n\n\n\n<p>You can contribute to an RESP for up to 31 years, and the plan can remain open for a maximum of 35 years. This extended time frame allows young people to withdraw money for their education even if they first take a gap year after high school or pursue another job path or interest before returning to post-secondary school.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How do you contribute to an RESP?<\/h2>\n\n\n\n<p>Once it\u2019s open, you can set up regular, automatic RESP contributions or make them at a time of your choosing either online or at a branch. The account holder can make contributions to the RESP on a regular basis and may also want to consider on special occasions like birthdays and holidays if they are given monetary gifts from loved ones such as parents and grandparents.<\/p>\n\n\n\n<p>You can contribute any amount to a RESP\u2014there is no minimum or an annual limit\u2014but there are a few&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/resp-rules-contribution-limits.html\" data-dig-id=\"LP-88232-6688f723\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"rules and limits\" class=\"rbc-link-format\">rules and limits<\/a>&nbsp;to keep in mind.<\/p>\n\n\n\n<ol class=\"wp-block-rbc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p>There is a lifetime contribution limit of $50,000 per beneficiary. There are tax consequences for over-contributing to a RESP.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You might choose to consider a strategy to maximize the government\u2019s matching contribution. If you contribute $2,500 each year, that maximizes the federal government\u2019s 20 per cent match on annual contributions up to $2,500 per beneficiary per year. However, if you don\u2019t contribute enough to qualify for the maximum $500 CESG in a given year, the unused entitlement can be carried forward to the next year.<\/p>\n<\/li>\n<\/ol>\n\n\n\n<div class=\"wp-block-group has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">RESP contribution limits<\/h2>\n\n\n\n<p>As of 2007: <\/p>\n\n\n\n<p>No annual contribution limit<\/p>\n\n\n\n<p>Lifetime contribution limit $50,000 per beneficiary<\/p>\n\n\n\n<p>*This limit is for private contributions and does not include the additional funds from government grants or bonds.<\/p>\n\n\n\n<p>Source:&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/registered-education-savings-plans-resps\/resp-contributions.html\">Government of Canada<\/a><\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What investments do you hold in an RESP?<\/h2>\n\n\n\n<p>RESPs can hold both savings and investments.<\/p>\n\n\n\n<p>In terms of the available investment vehicles, an RESP is similar to a TFSA or an RRSP. Your options include, but are not limited to, stocks, bonds, Guaranteed Investment Certificates (GICs), Exchange-Traded Funds (ETFs) and mutual funds.<\/p>\n\n\n\n<p>Having a conversation with your advisor to discuss your timeline and risk tolerance will be a helpful first step to identify what is right for you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How do you withdraw the RESP funds?<\/h2>\n\n\n\n<p>It\u2019s worth noting that most Canadian institutions require a tuition payment in August, ahead of the start of school in September. This means you\u2019ll want to make time in the summer to speak to an advisor about your upcoming withdrawal. An advisor can alert you to the potential for tax consequences or withdrawal limits, plus help you work through another important strategic consideration: how to maximize your withdrawals.<\/p>\n\n\n\n<p>In terms of paperwork, you\u2019ll be asked to provide official documentation showing the student\u2019s name, program and start date.<\/p>\n\n\n\n<p>You can start to withdraw the funds as soon as your child has graduated high school and is enrolled in a qualifying post-secondary educational institution such as a college, university, training program or\u2014in Quebec\u2014CEGEP. Read on to learn more about how much you can withdraw, and for what purposes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Your RESP savings can be used for expenses such as:<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\">School supplies including laptops<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Campus meal plans<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Transportation to the school<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Residence fees or rent<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Tuition fees<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Student activity fees<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Studying abroad<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>From a tax perspective, there are two types of funds within the RESP:<\/p>\n\n\n\n<p><strong>Post-Secondary Education (PSE)<\/strong>: these withdrawals refer to the portion of the funds that were contributions made by the person who opened the RESP (or other loved ones). They are not taxable.<\/p>\n\n\n\n<p><strong>Education Assistance Payments (EAP)<\/strong>: these withdrawals refer to the portion of the funds that came from matching government grants or investment earnings. They are taxable.<\/p>\n\n\n\n<p>When tax time comes around, the student must claim all Educational Assistance Payments (EAPs)\u2014as income on his or her tax return in the year that they are received.<\/p>\n\n\n\n<div class=\"wp-block-group mar-b-hlf has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p><strong><em>Did you know?<\/em><\/strong><\/p>\n\n\n\n<p class=\"mar-b-hlf\"><em>There is no limit on the amount of PSE contributions that can be withdrawn.&nbsp;There is an EAP withdrawal limit of $8,000 (or $4,000 if the student is enrolled part-time) during the first 13 weeks of schooling. After the first 13 weeks, any amount of EAP can be withdrawn.<\/em><\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What if your child doesn\u2019t end up pursing post-secondary education?<\/h2>\n\n\n\n<p>RESP accounts can remain open for 35 years, so the first thing to keep in mind is that even if your child doesn\u2019t immediately enroll in a post-secondary institution after high school, you can wait and see what happens down the road.<\/p>\n\n\n\n<p>Of course, there are many different paths a person can take in life, and if it becomes clear your child won\u2019t be using the RESP for post-secondary school or job training, you have several options for what to do with the savings instead.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>If you have an individual plan, you may be able to name an alternate eligible beneficiary.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If you have a family plan, the savings can go to another beneficiary on the plan, such as a sibling. One restriction to watch for is that the $7,200 CESG lifetime limit still applies, so any amount over that limit would go back to the federal government. However, the lifetime $50,000 private contributions limit would not apply in this scenario.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You can&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/registered-plans-administrators\/registered-education-savings-plans-resps\/registered-education-savings-plans-resps.html\" target=\"_blank\" data-dig-id=\"LP-88232-f023e5ee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"transfer up to $50,000\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">transfer up to $50,000<\/a>&nbsp;of private contributions to an RRSP. The government grants and their earnings would go back to the federal government.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If the beneficiary has reached age 21 and the plan is at least 10 years old, you can withdraw the earnings subject to a withholding tax and a 20% penalty tax. The amounts withdrawn will be considered taxable income.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s worth noting that any matching contributions from the government (CESG) are returned to the government if the beneficiary doesn\u2019t pursue postsecondary education.<\/p>\n\n\n\n<p><a class=\"rbc-link-format goto-link\" data-icon-class=\"goto-link\" href=\"https:\/\/www.rbcroyalbank.com\/investments\/resp-rules-contribution-limits.html\" data-dig-id=\"LP-88232-0934ffa5\" data-dig-label=\"Learn more about RESP rules and contribution limits.\" data-dig-action=\"link click\" data-dig-category=\"LP\">Learn more about RESP rules and contribution limits<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the next steps to move forward with an RESP for my child?<\/h2>\n\n\n\n<p>If you have more questions, or have reached a critical decision point, this might be the right time to talk to your advisor. You can&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/book-an-appointment\/book-an-appointment.html?\" data-dig-id=\"LP-88232-aeb7a052\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"book an appointment online\" class=\"rbc-link-format\">book an appointment online<\/a>&nbsp;to learn about the benefits of an RESP and understand its role in your overall financial plan.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-88232-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n\n\n\n<p>Mutual Funds are sold by Royal Mutual Funds Inc. (RMFI). There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please read the Fund Facts\/prospectus before investing. Mutual fund securities are not insured by the Canada Deposit Insurance Corporation. For funds other than money market funds, unit values change frequently. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in a fund will be returned to you. Past performance may not be repeated. RMFI is licensed as a financial services firm in the province of Quebec.&#8221;<\/p>\n\n\n\n<p>Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-2c3eb7d3-6487-4cd6-9cd5-27905d95bae5\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=What is an RESP and how does it work?: Key things you need to know about this popular savings tool &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-is-an-resp-and-how-does-it-work-key-things-you-need-to-know-about-this-popular-savings-tool\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-is-an-resp-and-how-does-it-work-key-things-you-need-to-know-about-this-popular-savings-tool\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-494f9c02-a638-4047-acfb-bdf70ffdc09c\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/education\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Education<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/investing\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Investing<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/question-of-the-week\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Question of the Week<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/resp\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">RESP<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Young man working at a desk with a laptop and looking at a paper desk calendar.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/\">\n\t\t\t\t\t\tInvesting Academy\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/last-minute-rrsp-planning-deadline-limits-and-more\/\" class=\"card-title h4 mar-t-0\">RRSP Contribution Deadline &amp; Limits Guide<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A young woman deep in thought\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg 8640w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/\">\n\t\t\t\t\t\tAccount Types\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/tax-free-savings-account\/\" class=\"card-title h4 mar-t-0\">TFSA Accounts: What They Are and How They Work<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"673\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Digital form checklist\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg 6736w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg?resize=300,197 300w, 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/\">\n\t\t\t\t\t\tBudgeting\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/2026-financial-roadmap-aligning-your-budget-borrowing-and-investments-to-your-goals\/\" class=\"card-title h4 mar-t-0\">2026 Financial Roadmap: A Guide to Debt, Budgeting and Investing in Canada<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-2c3eb7d3-6487-4cd6-9cd5-27905d95bae5 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-2c3eb7d3-6487-4cd6-9cd5-27905d95bae5 {\n\t\t\theight: 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Open an account to grow your savings tax-free.<\/p>\n","protected":false},"author":80,"featured_media":88234,"parent":57991,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[81,570,529,144],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[],"rbc_difficulty_level":[],"rbc_mmm_category":[315,393,394,314,356],"class_list":["post-88232","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-education","tag-investing","tag-question-of-the-week","tag-resp","rbc_content_type-article","rbc_mmm_category-finances-and-relationships","rbc_mmm_category-inspired-investor","rbc_mmm_category-investing-academy","rbc_mmm_category-life-events","rbc_mmm_category-parenthood"],"acf":{"contently_publication_id":"","custom_author":"Inspired Investor Team","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"The Registered Education Savings Plan (RESP) helps you save for a child&#039;s education after high school. 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