Registered Education Savings Plan (RESP)

RESPs can be a great way to save for your child’s education.

Money invested in an RESP can grow tax-deferred, and the best part? The government can contribute up to $7,200 directly to your child’s RESP.

How RESPs work

  1. You contribute money into your child’s RESP. The government will then contribute an additional 20% on the first $2,500 contributed annually, up to a maximum of $500 a year. That can add up to $7,200 over the lifetime of your RESP, per child, in grant money through the Canada Education Savings Grant (CESG). You may also be eligible for the Canada Learning Bond (CLB) and additional provincial grants.

  2. You can set up an individual or family RESP. An individual plan is meant for one child, whereas savings in a family plan are shared among multiple children. Learn more about the difference between a family and an individual RESP.

  3. There are no annual contribution limits or any limits on the number of RESPs you can have. Plus, you can contribute up to $50,000 per child, and can contribute to an RESP for up to 31 years. Learn more about contribution limits.

  • The government can contribute up to $7,200 directly to your child's RESP

  • The government matches 20% of your contributions, up to $2,500 each year

  • Lifetime contribution up to $50,000 per child

Why contribute to an RESP?

  • Tax-deferred growth potential

    Your earnings are all tax-deferred. When withdrawn, the earnings are taxed to the child, who may pay little to no taxes on them as a student.

  • For tuition and beyond

    RESPs can be used for anything related to obtaining a post-secondary education, including tuition, textbooks, rent and transportation.

  • Friends and family can contribute

    Friends and family can open an RESP to help you save for your child's education. Learn more about Individual vs. Family plans

Plans that fit your goals

TD offers several RESP options designed to meet your specific needs. Talk to a TD Personal Banker to find a plan that’s right for you.

    • Gives you access to certain mutual funds offered through TD Investment Services Inc.
    • Benefit from professionally managed mutual fund investments
    • Flexible investing options through a Pre-Authorized Purchase Plan

    Great for: Investors comfortable with risks associated with market fluctuations.

    • Gives you the option of investing in GICs
    • Access to a variety of GICs with different terms and features
    • Earn a guaranteed rate of interest

    Great for: The investor who's looking for a guaranteed return.

    • Self-directed accounts
    • Power to select your investments and take advantage of market opportunities in Canada and the US.
    • Flexibility to hold a range of investment products in one account

    Great for: The investor that likes to take a hands-on approach to their investing.

We can help you plan for the future

  • Personalized investment advice

    We help you understand your options while working with your investment goals.

  • The right options

    No matter what type of investor you may be, we’re ready with options to help you succeed.

  • Convenience

    The advice you want. Call us Monday to Friday from 8 am – 8 pm EST to speak to an investment specialist in English, French, Mandarin or Cantonese.

RESP Calculator

Use our RESP Calculator to find out how much you may need to save for your child’s education and how an RESP can help you achieve your savings goals.

Articles and tips to help you get started

Ready to Invest? We can help!

  • Meet with an advisor

    Speak with a TD Financial Advisor in person at a branch near you.

  • Call us

    Our banking specialists are ready to answer your questions and can assist you in opening an account.

    Personal Investing:

    Direct Investing: 1-800-465-5463

  • Locate a branch

    Use our branch locator tool to find a branch near you.

  • Do it yourself

    For Direct Investing, it's easy to open a cash, margin, RSP, TFSA or RESP account.

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