Registered Education Savings Plan
A Registered Education Savings Plan helps you save for a child’s education after high school. An RESP can hold different options based on your goals, including savings, GICs, mutual funds, bonds, and money market funds.
Save for education after high school- Choose what you want to hold inside
Trusted by 65K+ members
Unlimited FSRA coverage on registered accounts
What is an RESP?
An RESP, or Registered Education Savings Plan, is an account that helps you save for a child’s future education. You contribute over time, may qualify for government grants, and the money can be used for eligible post-secondary education costs when your child is ready for school.1
Savings
Hold cash savings inside your RESP for education money for your child. A savings option can help keep funds steady while they earn interest for future school costs.2
GICs
Hold a GIC inside your RESP and lock in a guaranteed rate for a set term. Choose a maturity date that works well for your child's education timeline.3
Investments
Hold eligible investments like mutual funds, bonds, stocks, or ETFs, inside an FHSA. A great fit for longer timelines where your savings have time to ride out market changes.4
Small RESP contributions can make a big difference over time
An RESP works best when you have a plan and give it time. Even small contributions can add up when they are made regularly and paired with eligible government grants.
AutomateSet up automatic contributions
Set up automatic contributions
Regular contributions can make it easier to build an RESP over time without having to remember to set money aside each month. By automating deposits, even smaller amounts can add up, giving your education savings more time to grow and potentially benefit from compound growth. Starting early and setting a budget can also give your contributions more time to grow before your child needs the funds.
AlignMatch investments to your timelines
Match the investment to your timeline
Your RESP investment strategy should reflect how soon you will need the money. If your child is years away from post-secondary education, you have more time to invest for growth and ride out market fluctuations. If they’re only a couple of years away, consider options that have more stability and reduce the impact of a market downturn just before the money is needed. As your child gets closer to using the RESP, review your investments and see if they still match your timeline.
AdviceUse eligible grant room
Use eligible grant room
RESP contributions may qualify for government incentives such as the Canada Education Savings Grant (CESG), which can add money to your child’s education savings. Taking advantage of available grant room can help you get more value from your RESP contributions and give the fund more opportunity to grow over time. Keep in mind that grants have eligibility requirements as well as annual and lifetime limits. Understand the rules that apply to your child. This can help you make informed decisions about how much to contribute.
.webp)
Plan future education savings with our RESP calculator
Estimate future education costs, see how your RESP savings, contributions and government grants could add up, and identify any potential shortfall. Use our RESP education savings calculator to run the numbers.
How RESP contribution room works
RESP contributions are tracked by beneficiary, not just by account, so it is important to keep an eye on every RESP opened for the child. There is no annual RESP contribution limit, but each beneficiary has a lifetime contribution limit of $50,000 across all RESPs in their name. Eligible contributions may also qualify for the Canada Education Savings Grant, which can add 20% to annual contributions up to government limits. Before making a larger deposit, check the child's total RESP contributions and grant eligibility so you can avoid overcontributing.
Why do they grow up so fast?
Commonly asked questions
Yes. A parent is not the only person who can open an RESP. Grandparents, relatives, and other adults may be able to open or contribute to an RESP, depending on the plan.
Yes, but all contributions across all RESPs for the same beneficiary count toward that beneficiary’s lifetime contribution limit.
Your options depend on the plan and government rules. Contributions may be returned, grants may need to be repaid, and some investment earnings may be taxable or transferable if conditions are met.
No. RESP contributions are not tax-deductible.
Your original contributions can generally be withdrawn tax-free. Grants and investment earnings paid as educational assistance payments are taxable to the student.
RESP funds can help pay for eligible post-secondary education costs, including tuition, books, tools, transportation, rent, and other school-related expenses.
Yes. You may be able to transfer an existing RESP from another financial institution. An advisor can help you understand the process and whether transfer fees, plan rules, or grant considerations may apply.
Yes. Eligible GICs and term deposits may be available inside an RESP.
How to open an RESP with YNCU
- 1
Become a member
Open your YNCU membership online if you are new to YNCU.
- 2
Talk to an advisor
We’ll help confirm eligibility and walk you through your RESP options.
- 3
Start saving
Open an RESP and add money or investments to your child's fund.
Individual and family RESP options
The right RESP structure depends on who you are saving for and whether there may be more than one beneficiary.
Individual RESP
An individual RESP is set up for one beneficiary. The beneficiary does not need to be related to the person who is contributing to the RESP.
Family RESP
A family RESP can have more than one beneficiary, as long as each beneficiary is connected by blood relationship or adoption.
Stories and articles on investing
Invest
August 7, 2026 | Krystel Edwards | 19 min Read
You opened an RRSP. Now what? 8 steps to manage your RRSP
¹ RESP contributions, grants and withdrawals
RESP contributions are not tax-deductible. Investment earnings grow tax-deferred while held in the plan. Educational assistance payments, which include investment earnings and government benefits, are generally taxable to the beneficiary. Contribution limits apply across all RESPs for the same beneficiary. Government grants and benefits are subject to eligibility requirements, limits and program participation by the provider. Certain withdrawals or plan closures may require repayment of government benefits and may result in additional taxes.
² Savings and deposit insurance
Savings rates are variable and may change without notice. Access to funds is subject to the account terms and applicable registered-plan rules. Eligible Canadian-dollar deposits held in a TFSA, RESP, LIRA, RRIF or FHSA at YNCU have unlimited deposit insurance coverage through the Financial Services Regulatory Authority of Ontario (FSRA), subject to its rules. Mutual funds, stocks, ETFs and bonds are not covered by this deposit insurance.
³ GIC terms and guarantees
GIC rates, terms, minimum deposits and interest payment options vary by product. Rates may change before purchase or renewal. Fixed-rate guarantees and access to funds are governed by the investment agreement. Non-redeemable GICs generally cannot be cashed before maturity. Early redemption of cashable or redeemable GICs may affect interest payable. Registered-plan withdrawal restrictions also apply.
⁴ Investment risks and availability
Available investments and services vary by provider and account type. Mutual funds, stocks, ETFs and bonds involve risk and may lose value. Returns are not guaranteed, and past performance does not indicate future results. Fees and expenses may apply. Investments must meet the applicable registered-plan requirements. Review the relevant investment and account disclosures before investing.
General information
This page provides general information and does not constitute individualized investment, tax or legal advice. Eligibility requirements, account agreements and applicable tax or pension legislation apply. Tax treatment depends on your circumstances, and rules may change. Speak with a qualified advisor before making a decision.