Registered Education Savings Plan (RESP)

A Registered Education Savings Plan (RESP) is a government-approved plan designed to asist you, your family or your friends to save for a child's post-secondary education. You don't have to pay taxes on any income earned within the plan until it is withdrawn.


  • You can put money aside for a child's future post-secondary education and any income earned from the investment is tax-deferred.
  • There are government benefits and incentives to help your RESP money grow.

To put a child born in 2006 through a four year university or college program, it will cost an estimated $84,955! In order to help offset this future financial burden, the federal and provincial governments have put in place several beneficial programs to assist with these costs. Our exceptional staff are able to help you choose the right investment products and ensure that you receive the maximum amount of government benefits possible.



Our Encompass Credit Union RESPs are administered through our partner, Concentra Financial.

Learn More about Concentra Financial

  • Check out the Member Education Savings Booklet on our Articles page.
  • Canada Education Savings Grant (CESG): Grant money from the government that will add to your child's savings in an RESP. The amount of the grant is based on your family income.
  • Canada Learning Bond (CLB): If your child was born after December 31, 2003 and your family receives the National Child Benefit Supplement, they may qualify to receive the Canada Learning Bond.



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