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 $25 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 $25 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

What Else Should I Know?

RESP Rules and Contribution Limits RESP Grants and Bonds

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

RESP FAQs

Explore top RESP questions.

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 you have opened an RESP, you can make additional contributions online if you have RBC Online Banking access and an RBC Royal Bank chequing or savings account. Sign in to contribute to your RESP online.

Ready to Invest?

Open or contribute to an RESP today!