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Registered Education Savings Plan


A Registered Education Savings Plan (RESP) is a government-approved plan that allows a subscriber (usually a parent) to accumulate savings on a tax-deferred basis to assist with the expenses of post-secondary education for a named beneficiary (child or grandchild). Family Plans allow subscribers to name more than one beneficiary. A social insurance number (SIN) is required for each beneficiary, before being named a beneficiary. 


How RESP's work:

  • For every dollar contributed by you, 20 cents of the Canada Education Savings Grant (CESG) is added (subject to annual and lifetime maximums)
  • Savings can grow tax-deferred
  • When your child begins post-secondary education, the money is withdrawn in your child's name. These amounts will usually be taxed at the lowest marginal tax rate - or not at all!

Fund Your Child's Education for Free

You can combine government grants to potentially build substantial eduation savings. Invest your child's Universal Child Care Benefit (UCCB) of $100 per month. When you set up your direct deposit for the UCCB, set up a monthly contribution of the same $100 to a RESP for your child. 

The entire amount will be tax-sheltered. By the time your child is ready for post-secondary school, the amount may be enough to pay for your child's education, without spending a penny of your own. 


Our Registered Education Savings Plan Calculator assists in determining the cost of a child's post-secondary education and maps out the savings required - through individual contributions and government grants - to meet the financial target. Click to see our RESP Calculator.


Selecting Investments

There are many different types of investments avalaible to someone saving for future education. Whether it is for yourself or your children, an HMECU Certified Financial Planner will help find an investment that's right for you. 

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Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus and/or fund fact sheet before investing. Mutual funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently and past performance may not be repeated. Mutual Funds are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. Other Products and Services are offered through Healthcare and Municipal Employees’ Credit Union.

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