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.
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
See how contributing $50 per week in an RESP adds up quickly when supplemented by the federal and provincial incentives.
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, & MoreRESP 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.
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.
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
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:
- Sign in to Online Banking(opens new window): Choose your RESP from the Accounts Summary page, click "Contributions" from the left menu, and follow the on-screen instructions.
- Sign in to the RBC Mobile app(opens new window): Tap ‘Move Money’, select ‘Transfer Between my Accounts’, select your eligible RBC Royal Bank RESP investment and follow the on-screen instructions.
Ready to Invest?
Open or contribute to an RESP today!
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