RESPs

Invest in their Future

With a Registered Education Savings Plan (RESP) from Conexus, you can help them secure their future by saving today.

Product Overview

A Registered Education Savings Plan (RESP) is a special savings account registered with the Government of Canada to help you, your family or friends save early for your child’s education after high school. The federal government will add to your RESP savings with a Canada Education Savings Grant (CESG)1.

The federal government adds to your annual contributions to a set maximum CESG amount per beneficiary per calendar year (subject to a lifetime CESG maximum of $7,200). CESG amounts are paid directly into the RESP. Depending on your family net income, your child may also qualify for an additional Canada Learning Bond grant.

There are two plans to choose from:

  • Individual
    • Has only one beneficiary
    • Beneficiary can be anyone – including yourself –with no age or relationship restrictions (Beneficiaries must be Canadian residents with a valid Social Insurance Number)
    • Contributions can be made regardless of the age of the beneficiary
    • Plans can remain open for 31 years following the year the plan was opened
  • Family
    • Can be one or more beneficiaries2
    • Each beneficiary must be a blood relation or adopted, and under age 21 when named as a beneficiary
    • Contributions may be made for a beneficiary only until 21 years of age
    • Plans can remain open for 31 years following the year the plan was opened however, contributions to a particular beneficiary must cease when the beneficiary is age 31

Fixed Term Deposit Expand/Collapse

This deposit offers a variety of investment lengths ranging from 30 days to 5 years. Generally, choosing a longer deposit term earns you a higher rate of interest.

Variable Expand/Collapse

The Variable RESP offers maximum flexibility for access to your funds. This deposit offers a convenient way for you to save without having to meet investment minimums. It is also used to deposit any grant payments you may earn.

  1. Canada Education Savings Grant (CESG) program terms are updated each year by Human Resources and Skills Development Canada, the federal government department that administers the Canada Education Savings program.
  2. Allows for other beneficiaries to use the money for post secondary education if one beneficiary does not take post secondary education.