Registered Education Savings Plans are government endorsed plans designed to assist saving for post-secondary education of a beneficiary. Investment earnings in the plan are sheltered from tax until withdrawn from the plan by the beneficiary for his or her education, and are taxable at that time to the beneficiary. In addition, anybody can contribute to the RESP…not just the parents.

The Federal Government, through the Canada Education Savings Grant, matches up to 20% of contributions annually up to $2,500.00 to a lifetime maximum grant of $7,200 (per beneficiary). Contributions are not tax deductible. Community Savings provides access to RESP investment options in the form of term investment through Central1 or mutual fund* investment from your Credential Asset Management Inc. Mutual Funds Investment Specialists.

Single Plan

Purpose: One beneficiary
Beneficiary Age limit: None
Contribution Deadline: Must stop 21 years after plan is opened
Plan Termination: At the end of 26 years of existence

Family Plan

Purpose: Multiple beneficiaries
Beneficiary Age limit: Must be less than 21 years when named
Contribution Deadline: Must stop when beneficiary turns 21
Plan Termination: At the end of 26 years of existence


* Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual fund values change frequently and past performance may not be repeated.

®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.

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