Registered Education Savings Plans (RESPs) helps parents, family and friends save towards a child's post-secondary education.
Set-up a Registered Education Savings Plan (RESP)
An RESP is a special savings account that helps you save for your child’s education. To set up a plan, all you need is your child’s social insurance number and to visit a Northern Savings branch to set up a plan that best suits your goals
Check out if you are eligible for any of the following grants:
Canada Education Savings Grant (CESG)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>
Canada Learning Bond (CLB)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.
B.C. Training and Education Savings Grant (BCTESG)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.
Set-up automatic contributions to the RESP account and watch your savings grow!
While you don’t have to make contributions to receive the CLB or the B.C. Training and Education Savings Grant, if you do contribute to your child’s RESP regularly, your savings can really add up.