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What Is an RESP and Why Should You Invest In One?

Modified on January 25, 2021 at 6:30 PM

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When your children enter the world, you take care of their immediate needs to ensure they’re happy and healthy. However, it can be worth spending some time thinking about their future needs, as well. As they transition through primary and secondary schooling, there will come a time when they start to consider post-secondary education. 

College, university, and international academics can all start forming part of your dinner table conversation. It’s around this time you might begin to ask what is a Registered Education Savings Plan(RESP), along with what it could mean for your child. Read on to learn about RESPs and why you should consider investing in one. 

What is an RESP?

An RESP, is an education savings tool set up to provide children with a financial head start in post-secondary education. At any age, a parent, caregiver, or grandparent can open an RESP and begin making contributions which will later help you pay for universities, colleges, or any number of educational facilities your children may like to attend.  However, the government grants are eligible only for beneficiaries until the age of 17. If a child later decides that post-secondary education isn’t right for them, you or they can withdraw the funds with a few conditions to use them for something else, or transfer it to a Registered Retirement Savings Plan (RRSP). 

Flexible Plans

With more than one child in your household, it can sometimes be overwhelming to think about how you’ll fund multiple post-secondary educations. An RESP can undoubtedly ease some of that stress weighing on your mind.   

While you can set up an individual plan for one child, you can also open group or family plans to suit your unique family and financial situation. A family plan allows you to name one or more children to receive the funds. 

In contrast, you can open an individual plan with one beneficiary named, and that child doesn’t need to be related to you. A group plan may also be an ideal option, suitable for those who intend to make regular contributions for a child as a collective with other families. Essentially, anyone with a close relationship with a child can ensure they are financially secure for a post-secondary education option in the future.   

RESPs Are Easy to Open

Many parents may be daunted by the prospect of opening a savings plan for their children. Fortunately, RESPs are made easy to ensure that every Canadian child has the chance to prosper in post-secondary education. Once you have set up your child with a Social Insurance Number, you can open an RESP through a reputable and secure provider within minutes. It then won’t be long until you’re able to begin contributing your income. The younger your children are when you open your plan, the more money they may have to utilize at a later date – because compounding has more time to work its magic.

Grants Eligibility

Your own contributions into an RESP can offer peace of mind that your children can access much-needed funds. However, by opening a plan, you may also be able to benefit from government  grants, such as the Canada Education Savings Grant (CESG). 

This government grant matches 20% of your contributions  up to $500 per year, or up to $7,200 over the child’s lifetime. There are also multiple provincial education incentives and the Canada Learning Bond. Children can dream big dreams when they’ve got investment income growing in the background until they are ready to head off to college or an educational facility of their choosing.   

Withdrawal Process

Once your child is prepared for university, they or you can begin withdrawing the funds they need for tuition, books, education-related costs, and even food in the form of Educational Assistance Payments (EAPs). 

However, there is no rush. Your RESP can remain open for up to 36 years. As a result, they don’t have to immediately transition from secondary to post-secondary education if they aren’t yet ready. What’s more, if they decide not to take their studies further, you can either transfer the funds to another child or close the RESP and recoup your contributions. You may also be able to receive your investment income, subject to some conditions, and tax. 

The future is in our children’s hands, so it makes sense to arm them with everything they need to lead the way. An RESP can be a fast, easy, and affordable way to ensure your child can be financially prepared for post-secondary education. Now might be an opportune time to look at your plan options.

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Posted By The Fashionable Housewife
on January 23, 2021 at 6:25 PM
Filed Under: Education
Tagged With: College, college course, college degree, college students, education, education courses, educational

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

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This is what our homeschool looks like sometimes. This is what our homeschool looks like sometimes. 🥳

Can’t believe my oldest son is 13 and outside helping dad do home projects like building a new deck. 🤯 Seems like yesterday he was in his walker on this back deck and it looked a lot better 😂

Thankful that @homedepot has great prices so we could finally afford to do this home reno project! 💪🏻🎉

#motherhood #motherhoodunplugged #hereisourhomeschool #motherhoodthroughinstagram
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I asked him if he could stay 12 for one more year but he didn’t like that idea. 😒 Was worth a shot, right? 

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This kid blows me away daily and makes me so proud to be his mom. I don’t have enough words to describe how much I love this child. 😭

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This is what our homeschool looks like sometimes. This is what our homeschool looks like sometimes. 🥳

Can’t believe my oldest son is 13 and outside helping dad do home projects like building a new deck. 🤯 Seems like yesterday he was in his walker on this back deck and it looked a lot better 😂

Thankful that @homedepot has great prices so we could finally afford to do this home reno project! 💪🏻🎉

#motherhood #motherhoodunplugged #hereisourhomeschool #motherhoodthroughinstagram
My first born son turned 13 years old today. 😱 My first born son turned 13 years old today. 😱

Somebody hold me. 😭

I asked him if he could stay 12 for one more year but he didn’t like that idea. 😒 Was worth a shot, right? 

Scroll for the outtakes 😂😂😂

This kid blows me away daily and makes me so proud to be his mom. I don’t have enough words to describe how much I love this child. 😭

Drop a comment and wish this boy a happy birthday! 🎉🎂 

#homeschoollife #homeschoolfamily #momlife #momlifeunfiltered #momlifeunplugged
Being a mom is hard. Being a mom and trying to sta Being a mom is hard. Being a mom and trying to stay healthy and fit is harder. 🏋🏼‍♀️🥵

Luckily, there are holistic wellness products that can help make the motherhood journey easier!

Lost Empire Herbs stands out as a remarkable family venture led by three health-conscious brothers who share a profound dedication to a wholesome, active lifestyle. 

Their journey began with a modest kitchen table and the introduction of pine pollen, but it has since evolved into something truly remarkable, exceeding all expectations.😱

What truly sets Lost Empire Herbs apart is their extensive collective knowledge, derived from years of hands-on experience, unwavering commitment, and a willingness to explore new horizons. Driven by a genuine desire to enhance lives, they made a resolute decision to make the benefits of these exceptional herbs accessible to a wider audience. 

Their primary focus revolves around offering hormonal support, a vital consideration given the prevalence of endocrine-disrupting compounds in today's world, although their scope extends beyond this singular realm. 🌱 

I'm genuinely enthused about the prospect of trying out their products, eagerly anticipating the chance to personally experience the transformative effects of these wellness herbs. The brothers' evident passion and expertise have left me intrigued and eager to embark on a journey towards total wellness, guided by the offerings of Lost Empire Herbs.

@lostempireherbs #lostempireherbs #holistichealth #holistichealing #holisticwellness #holisticlifestyle #motherhoodunplugged #motherhoodjourney #motherhoodthroughinstagram #unleashthepowerofnature #rootingforyourhealth #hormonehealth @apexdropofficial
Slow down a little and visit @storylandnh !! It s Slow down a little and visit @storylandnh !!

It seems like summer is almost over and you’re probably scrambling to get all the things done on your bucket list. But don’t forget to slow down and have some fun with your kids this summer!!

Story Land in Glen NH is a great way to make some beautiful summer memories with your family! If you live in the New England area, definitely plan a visit before summer slips through your fingers, mama! ☀️ 🏖️ 

LIKE + SHARE if you needed this reminder to slow down and have fun! 

#motherhoodunplugged #motherhoodjourney #momlifeunfiltered #motherhoodrising #motherhoodthroughinstagram
Looking for something fun to do in New Hampshire t Looking for something fun to do in New Hampshire this summer? Living Shores Aquarium in Glen NH is an indoor walk through adventure that allows your whole family to discover the wonders of the ocean year-round. 

The aquarium includes interactive tide pools, exhibits, and tons of immersive activities. See otters, touch sting rays and nibble fish, interact with tropical birds and so much more. They even have axolotls and sharks! There is so much to see. We spent over 3 hours exploring the exhibits! And of course we had to stop in the amazing gift shop before we left. Don’t miss it! 

Living Shores is a fun, interactive environment that is perfect for the whole family! If you’re going to visit the White Mountains this summer, definitely make time to stop at @livingshoresnh! 🐠 🐟 🦀 

COMMENT and tell me which part your kiddos would like the best! 👇🏻

 #familytime #motherhoodunplugged #momlifeunfiltered #whitemountains #familygoals #familyfriendly
Don’t be fooled. You don’t need the perfect br Don’t be fooled. You don’t need the perfect branch to hang a swing in your yard. All you need is a tree and Slackers Build A Branch!

I got mine from @bolderplay! 🥳

Would this product solve a common problem for you too?! Comment and let me know! 👇🏻

Motherhood is hard. Sometimes cool products make it easier! 💁🏼‍♀️

#motherhoodunplugged #motherhoodrising #momlifebelike #motherhoodthroughinstagram #motherhoodjourney
You’re so exhausted you feel like you’re gonna You’re so exhausted you feel like you’re gonna die, but then…
.
.
.
.
.
.
SURPRISE!!
.
.
You can’t fall asleep!!!!!
.
.
.
Oh the joys of motherhood! Anyone else relate?!! 😮‍💨🥱😳😳😳

#momhumor #honestmom #parentinghumor #motherhoodunplugged #motherhoodjourney #motherhoodrising
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