RESPs
Save for your child's education
A Registered Education Savings Plan (RESP) is a registered government program designed to encourage saving for a child's post-secondary education.
Savings grow
tax-free
Don't pay tax on the interest made on your investment until the money is used for post-secondary educationFlexible options
- There's no minimum contribution amount
- Use the savings for your child's full or part-time studies
- Multiple investment products such as term deposits and mutual funds are available
Anyone can contribute
- You can open an account as long as you’re over 18 and you have a social insurance number
- Depending on the RESP, other family members and friends can contribute too
Get started
Apply for a Social Insurance Number (SIN) for your child, if they don't already have one- Meet with a Northern Savings team member and talk about which RESP is right for you
- Complete grant applications with the help of our team
Boost your education savings with these government
grants and bonds!
The CESG provides grants to all RESP contributors, regardless of income, until the beneficiary reaches the age of 17. The CESG provides 20% on the first $2,500 in annual contributions up to a maximum of $500 per year per beneficiary. Learn more>
The CLB program provides families that receive the National Child Benefit Supplement a $500 bond to an RESP. Families will also receive a $100 bond instalment until age 15 for each year their family is entitled to the supplement. The great thing about the Learning Bond is that families do not have to put any money in an RESP to receive the bond; you just have to have a certain net income.
Learn more>
Learn more>
The BCTESG is a one time $1,200 provincial incentive available to children born in 2006 or later. You do not need to contribute to an RESP to receive the grant; however, there are application deadlines you need to meet in order to receive the grant. Learn more>
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Individual contributions:
Government grants:
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