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Registered Education Savings Plan

What   Offers member to save for a child’s post-secondary education
Who   Members

The Registered Education Savings Plan (RESP) is a registered government program designed to help you save for a child’s post-secondary education. With the significant cost of post-secondary education, parents, grandparents, friends and family recognize the need to begin preparing before the expenses become a reality.


  • An RESP combines three aspects to help you quickly reach your education savings goals: flexibility, tax-deferred investment growth and direct government assistance.
  • Interest earned from RESP savings and investments are tax-deferred until withdrawn for education, the tax will also be in the hands of the beneficiary (student), which usually means little or no tax.


Government Assistance

Canada Education Savings Grants (CESG)

If the beneficiary is younger than 17 years old, the government directly contributes towards the child’s RESP with 20% of every annual deposit, up to $500 per year, with a lifetime grant limit of $7,200, where unused grant room can be carried forward for future years.



  • A subscriber can contribute any amount to an RESP, subject to a lifetime contribution limit of $50,000 per beneficiary.
  • Contributions made to an RESP are not tax deductible.



  • A master list of qualifying education institutions is available at the government of Canada website
  • In order to withdraw money from an RESP, the subscriber needs the student to provide proof of enrollment confirming the beneficiary is enrolled as a student
  • A subscriber’s original contributions are not deductible from their income tax, and the original contribution amount can be withdrawn tax-free at any time

Please visit the Canadian Revenue Agency website for further details http://www.cra-arc.gc.ca/


Deposit Security

At Sharons Credit Union, depositors are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia.