Registered Education Savings Plan (RESP)

What is an RESP?

A Registered Education Savings Plan (RESP) is a special savings account for parents who want to save for their child’s post secondary education.


Save On Your Schedule

You decide when and how much to contribute within the lifetime contribution limit of $50,000 per child. You also decide how you want to invest your funds.

Tax-sheltered Growth

Earnings accumulate tax-free until you withdraw the money. You can contribute up to $50,000 per child.


You can use your RESP savings for a variety of expenses related to your child’s post-secondary education. This includes tuition, housing, and books to name a few.

Government Matching

The government matches 20% of your RESP contributions up to $2,500 each year. The government will match up to a lifetime maximum of $7,200. If you meet the low income threshold, the government makes additional contributions.


An RESP can be set up for any “beneficiary,” including your children, grandchildren, nieces, nephews or family friends. Each beneficiary must be a Canadian resident and have a Social Insurance Number (SIN).

An RESP can hold a range of investments: Guaranteed Investment Certificates (GICs), mutual funds, and bonds to name a few. Flip My Life can help you decide which investments will best serve your needs.

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.

Once an RESP beneficiary is enrolled in an approved post-secondary education or training program, the accumulated income, grants and bonds within the RESP can be paid out to the student at the discretion of the subscriber (person who opened the RESP).

Legal Disclaimer

1. With the CESG, for an eligible beneficiary until the end of the calendar year they turn 17, the government matches 20% on the first $2,500 contributed annually to an RESP. The maximum total CESG the government will give, up to age 18, is $7,200 per beneficiary.

2. With the CLB for an eligible beneficiary, the government pays an initial $500 contribution in an RESP and a beneficiary may also be entitled to receive an additional $100 a year up until the age of 15. The maximum total CLB payable is $2,000. A contribution is not required to an RESP to receive the CLB.The total maximum CLB payable per child is $2,000.

Mutual Funds are sold by Flip My Life Inc. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please contact a financial advisor and read the Fund Facts before investing. Mutual fund securities are not insured by the Canada Deposit Insurance Corporation. For funds other than money market funds, unit values change frequently. Past performance does not determine future performance.

Flip My Life Inc. is licensed as a financial planning firm in the province of Ontario.

Financial planning services and investment advice are provided by Flip My Life Inc.

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