Registered Education Savings Plan (RESP)

General

The Registered Education Savings Plan (RESP) is a tax-sheltered plan that helps you save for a child’s post-secondary education. An RESP combines flexibility, tax-deferred investment growth and direct government assistance to help you reach your education savings goals for your children.

An RESP can be set 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), which can be obtained from a Service Canada.

An RBC RESP can hold a variety of investments, including Guaranteed Investment Certificates (GICs), mutual funds, portfolio solutions and savings deposits. You can also hold stocks and bonds through RBC Direct Investing™ and RBC Dominion Securities

In addition to the Canada Education Savings Grant (CESG), there are Federal and Provincial government incentives available to help lower- and middle-income Canadian families save for a child’s education if eligible. See RESP Grants and Bonds.

Opening an Account

Please visit your branch to open a new RESP. We recommend booking an appointment ahead of time by calling us at 1-800-769-2511.

Contributions

You can contribute any amount to an RESP, subject to a lifetime limit of $50,000 per beneficiary. You can contribute to an RESP for up to 31 years, and the plan can remain open for a maximum of 35 years.

You can:

You can manage pre-authorized contributions (PACs) through the RBC Mobile app or RBC Online Banking.

To use the RBC Mobile app, sign in and follow the steps below:

  • From the Accounts screen, tap your RESP.
  • Select “Set Up Pre-Authorized Contribution” or “View Pre-Authorized Contribution.”
  • Follow the on-screen instructions to complete your transaction.

Note: You cannot pause PACs through the RBC Mobile app.

To use RBC Online Banking, sign in and follow the steps below:

  • From the Accounts Summary page, select your RESP and click “Manage Pre-Authorized Contributions” from the left menu.
  • Select “Modify” to make changes and follow the on-screen instructions.

When you’re ready to resume contributions, simply Sign in to RBC Online Banking to access your account and click “Manage Pre-Authorized Contributions” once again.

Changes to your contributions will take effect in two business days.

If you don't contribute enough to receive the maximum $500 grant in a given year, the unused entitlement can be carried forward to the next year. Families with a net family income below $45,282 in 2016 (the threshold is adjusted every year) may qualify for a special enhanced CESG of 40% on the first $500 contributed each year.

Yes! An RBC RESP Gift Cheque can be used to invest in a child’s future. RESP Gift Cheques can be deposited into new or existing RBC RESP accounts.

Managing Your Investments Online

You can view your RESP account information, balances, Investor Profile, transaction history and download documents through RBC Online Banking.

You can:

You can manage pre-authorized contributions (PACs) through the RBC Mobile app or RBC Online Banking.

To use the RBC Mobile app, sign in and follow the steps below:

  • From the Accounts screen, tap your RESP.
  • Select “Set Up Pre-Authorized Contribution” or “View Pre-Authorized Contribution.”
  • Follow the on-screen instructions to complete your transaction.

Note: You cannot pause PACs through the RBC Mobile app.

To use RBC Online Banking, sign in and follow the steps below:

  • From the Accounts Summary page, select your RESP and click “Manage Pre-Authorized Contributions” from the left menu.
  • Select “Modify” to make changes and follow the on-screen instructions.

When you’re ready to resume contributions, simply Sign in to RBC Online Banking to access your account and click “Manage Pre-Authorized Contributions” once again.

Changes to your contributions will take effect in two business days.

You can switch investment product types within your RESP through RBC Online Banking.