VIU Canada Learning Bond

What is an RESP?

Piggybank for education

A Registered Education Savings Plan (RESP) is a special savings account for parents/guardians who want to save for their child's education after high school. Anyone can open an RESP for a child and make contributions, not just the child's parents. 

There are a few types of RESPs to choose from:

Family RESP's

You can save money for one or more children that are related to you by blood or adoption, all in one RESP. You decide how to divide the money up between the beneficiaries.

Individual RESP's

An individual RESP allows you to save for one child, whether they are related to you or not. Anyone can open and contribute to an individual RESP.

Group RESP's

Group RESPs are a bit more complicated than Family and Individual RESPs, as they not only have higher fees but tend to be more restrictive around contribution amounts and how the money can be used. Group RESPs combine your financial contributions with the contributions of other investors, and is then invested. When your child(ren) are ready to start post-secondary, the combined earnings are then released and shared amongst the pool of investors.  

How to set up an RESP and start saving for your child's future:

  1. Get a Social Insurance Number (SIN) for you and your child.
  2. Contact your bank (or other RESP provider) to open an RESP and complete the following applications with your bank representative's help:
    • Basic and Additional Canada Education Savings Grant
    • Canada Learning Bond

Learn more about the Government of Canada's Registered Education Savings Plans

Charley worries about saving for her post-secondary education. At school, Annie tells Charley and her dad about how they can start a Registered Education Savings Plan (RESP) for free and start saving with the Canada Learning Bond.