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EasyWeb WebBroker U.S. Banking My Accounts My Accounts Logout Online Services EasyWeb WebBroker U.S. Banking Invest in your child's education\r\n"}}" id="text-b2d410f911" class="cmp-text"> Invest in your child's education Speak with a TD Personal Banker to get customized advice that is suitable for you\r\n"}}" id="text-b7b08ab06c" class="cmp-text">Speak with a TD Personal Banker to get customized advice that is suitable for you
Book an appointment Registered Education Savings Plan (RESP)\r\n"}}" id="text-1f85ea33c1" class="cmp-text"> Registered Education Savings Plan (RESP) What is an RESP?\r\n"}}" id="text-f20a9d34e1" class="cmp-text"> What is an RESP? RESPs can be a great way to save for a child’s post-secondary education. The money invested in an RESP can grow tax-deferred until the time of withdrawal, and the best part is that there are various government savings incentives available to boost your child’s education savings.\r\n"}}" id="text-307d521555" class="cmp-text">RESPs can be a great way to save for a child’s post-secondary education. The money invested in an RESP can grow tax-deferred until the time of withdrawal, and the best part is that there are various government savings incentives available to boost your child’s education savings.
Benefits of an RESP Tax-deferred growth potentialRESP earnings are tax-deferred. When withdrawn, the earnings are taxed as income to the child, who may pay little to no taxes as a student.
For tuition and beyondRESPs can be used for items related to obtaining a post-secondary education, including tuition, textbooks, rent and transportation.
Friends and family can contributeFriends and family can open an RESP to help you save for your child's education. Learn more about Individual vs. Family plans
How does an RESP work in Canada?\r\n"}}" id="text-d3433937cb" class="cmp-text"> How does an RESP work in Canada? \r\nAn RESP helps you save for a child's education.\r\nRESP contributions may qualify for the Canada Education Savings Grant (CESG) from the government, which adds 20% on the first $2,500 contributed each year. CESG contributes up to $500 annually and a maximum of $7,200 per child. The beneficiary or the child may also qualify for the Canada Learning Bond (CLB). Quebec and BC residents may also qualify for provincial education incentives.\r\nThere are no annual contribution limits, but the lifetime contribution limit is $50,000 per child across all RESPs. You could also make RESP contributions for up to 31 years.\r\n\r\n"}}" id="text-e5cf7fbc60" class="cmp-text"> An RESP helps you save for a child's education. RESP contributions may qualify for the Canada Education Savings Grant (CESG) from the government, which adds 20% on the first $2,500 contributed each year. CESG contributes up to $500 annually and a maximum of $7,200 per child. The beneficiary or the child may also qualify for the Canada Learning Bond (CLB). Quebec and BC residents may also qualify for provincial education incentives. There are no annual contribution limits, but the lifetime contribution limit is $50,000 per child across all RESPs. You could also make RESP contributions for up to 31 years. Who could open an RESP? To open a Registered Education Savings Plan, the following criteria must be met:\r\n"}}" id="text-1163122028" class="cmp-text">To open a Registered Education Savings Plan, the following criteria must be met:
\r\nThe subscriber needs to have a valid SIN\r\nThe beneficiary needs to be a Canadian Resident and have a valid SIN.\r\n\r\n"}}" id="text-8293e2dbfe" class="cmp-text"> The subscriber needs to have a valid SIN The beneficiary needs to be a Canadian Resident and have a valid SIN. RESP Accounts that align with your goals TD offers several RESP options designed to meet your specific needs. Talk to a TD Personal Banker to find the right option for you.\r\n"}}" id="text-79077d6d24" class="cmp-text">TD offers several RESP options designed to meet your specific needs. Talk to a TD Personal Banker to find the right option for you.
TD Mutual Funds RESP Great for: Investors comfortable with risks associated with market fluctuations. Gives you access to certain mutual funds offered through TD Investment Services Inc. Benefit from professionally managed mutual fund investments Automatic Investments through Pre-Authorized Purchase Plans offers the option of savings flexibility. TD Mutual Funds RESP Book an appointment TD Canada Trust RESP Great for: The investor who's looking for a guaranteed return. Gives you the option of investing in GICs Access to a variety of GICs with different terms and features Earn a guaranteed rate of interest TD Canada Trust RESP Secure Invest in a GIC RESP at TD Direct Investing Great for: The investor that likes to take a hands-on approach to their investing. Self-directed accounts Power to select your investments and take advantage of market opportunities in Canada and the US Flexibility to hold a range of investment products in one account RESP at TD Direct Investing Apply online RESP CalculatorUse our RESP Calculator to find out how much you may need to save for your child’s education and how an RESP can help you achieve your savings goals.
RESP Calculator Calculate now Frequently Asked Questions What investments can I hold in an RESP? There are a variety of qualified investments to choose from based on your financial goals. A TD RESP could hold mutual funds, GICs, ETFs, stocks and bonds. The best part is that you could grow your money and defer the taxes in an RESP.\r\nTD Bank does not provide tax advice. You should consult your tax advisor for questions related to your individual tax situation.
\r\n"}}" id="text-58cf840de0" class="cmp-text">There are a variety of qualified investments to choose from based on your financial goals. A TD RESP could hold mutual funds, GICs, ETFs, stocks and bonds. The best part is that you could grow your money and defer the taxes in an RESP.
TD Bank does not provide tax advice. You should consult your tax advisor for questions related to your individual tax situation.
How much could I contribute to an RESP? The lifetime contribution limit per child is $50,000, but there is no annual contribution limit. You have up to 31 years to contribute to an RESP, and the plan can remain open for a maximum of 35 years.\r\n"}}" id="text-773db84511" class="cmp-text">The lifetime contribution limit per child is $50,000, but there is no annual contribution limit. You have up to 31 years to contribute to an RESP, and the plan can remain open for a maximum of 35 years.
Is there a penalty for over-contributing to an RESP? If you over contribute to an RESP there will be tax implications. An RESP over contribution is when you exceed the $50,000 lifetime limit per child. If you over contribute, you will have to pay 1% per month in taxes on your share of the excess contribution that is not withdrawn by the end of the month. You have 90 days after the end of the year to pay the tax. Payments from the CESG or any Provincial Education Savings Programs do not count as contributions. TD Bank does not provide tax advice, and you should consult your tax advisor regarding your individual tax situation.\r\n"}}" id="text-4453118a3e" class="cmp-text">If you over contribute to an RESP there will be tax implications. An RESP over contribution is when you exceed the $50,000 lifetime limit per child. If you over contribute, you will have to pay 1% per month in taxes on your share of the excess contribution that is not withdrawn by the end of the month. You have 90 days after the end of the year to pay the tax. Payments from the CESG or any Provincial Education Savings Programs do not count as contributions. TD Bank does not provide tax advice, and you should consult your tax advisor regarding your individual tax situation.
Could I withdraw from an RESP anytime? The RESP is designed for funding a child’s post-secondary education. However, you could withdraw your funds from an RESP any time, but keep in mind that there may be tax implications and education incentives such as CESG must be repaid if withdrawing for non-educational purposes. You should consult your tax advisor for questions related to your individual tax situation.\r\n"}}" id="text-cfaaa52245" class="cmp-text">The RESP is designed for funding a child’s post-secondary education. However, you could withdraw your funds from an RESP any time, but keep in mind that there may be tax implications and education incentives such as CESG must be repaid if withdrawing for non-educational purposes. You should consult your tax advisor for questions related to your individual tax situation.
What is the Canada Education Savings Grant (CESG) and how much can you get? The Canada Education Savings Grant (CESG) is a federal incentive that helps grow a child's RESP. The Government of Canada matches 20% of annual RESP contributions, up to $500 per year, with a lifetime maximum of $7,200 per beneficiary. CESG amounts are paid directly into the RESP and can be invested tax-deferred for post-secondary education.\r\n"}}" id="text-7990aee984" class="cmp-text">The Canada Education Savings Grant (CESG) is a federal incentive that helps grow a child's RESP. The Government of Canada matches 20% of annual RESP contributions, up to $500 per year, with a lifetime maximum of $7,200 per beneficiary. CESG amounts are paid directly into the RESP and can be invested tax-deferred for post-secondary education.
Articles and tips to help you get started RESP rules & contribution limitsGet the most out of your RESP by understanding how it works and find your RESP contribution limit.
RESP withdrawal rules & limitsLearn about all the rules concerning RESP withdrawals and how you can make the most of your RESP savings.
What is an RESP?Learn how investing in an RESP can help you save for a child’s post-secondary education.
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- The Registered Education Savings Plan (RESP) helps you save for a child’s education. Invest in a tax-deferred account today to achieve your financial goals