Benefits of an RESP

Open an RESP for no charge and pay no annual administration fees at RBC Royal Bank.

  • Tax Sheltered Growth

    Earnings within an RESP are not taxed. When the funds are taken out for education, withdrawals are taxed in the student’s hands, often resulting in little or no tax.

  • Get Government Contributions

    Grow your savings faster with the Canada Education Savings Grant (CESG)1, Canada Learning Bond (CLB)2, and other government incentives. See RESP Grants and Bonds.

  • Built-In Flexibility

    If the child doesn’t pursue post-secondary education, you may be able to choose a new beneficiary. Or, if he or she wants to travel first, you have 35 years to use the funds.

How to Grow Your RESP Savings Faster

Invest Regularly

See how contributing $50 per week in an RESP adds up quickly when supplemented by the federal and provincial incentives.

Calculations are for illustrative purposes only and are not intended to reflect future values or returns on investment from any mutual fund investment. Based on 6.26% average annualized and includes Canada Education Savings Grant (CESG) payments.

Automate Your Savings

With a regular, pre-authorized contribution plan you save without even thinking about it!

  • Start with as little as $50 per week
  • Contribute weekly, bi-weekly, monthly—you choose
  • Set it and forget it—contributions are automatically debited from your bank account (change, pause or stop at any time)

Make the Most of Your RESP Options

"Did you know, there's more than one kind of RESP?”

- Justin, RBC Branch Manager

Fees, Contribution Rules, & More

RESP Rules and Contribution Limits RESP Grants and Bonds RESP Fees

Looking for more? Download Your Guide to Saving for a Child's Post-Secondary Education


Explore top RESP questions.

There is a service fee of $150.00 for the transfer of property from an RESP to a company that is not a subsidiary of Royal Bank of Canada. This fee is subject to change. In the event this fee changes or new fees are introduced, RBC will notify clients by mail or electronically at least 30 days before the effective date of the change.

There is no charge to open an RESP with RBC Royal Bank.

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.

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.

Once an RESP beneficiary is enrolled in a qualifying post-secondary education or training program, the accumulated income, grants and bonds within the RESP can be paid out to the student as an Educational Assistance Payment (EAP) at the discretion of the subscriber (person who opened the RESP).

An RESP beneficiary must claim all Educational Assistance Payments (EAPs)—as income on his or her tax return in the year that they are received. Usually, this results in little or no tax since students tend to be in the lowest tax bracket and can claim tax credits for the personal amount and education-related expenses. Contributions can be withdrawn tax-free.

You can contribute to an existing RESP online through RBC Online Banking or the RBC Mobile app(opens new window) if you have an RBC Royal Bank chequing or savings account:

Ready to Invest?

Open or contribute to an RESP today!