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How RESPs work
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.
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.
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.
Why contribute to an RESP?
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.
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