RESP Questions and Answers

Who can contribute to RESPs?

Parents, grandparents, aunts and uncles, other family members and anyone else who wants to contribute to a child's education can participate, subject to the annual and lifetime limits.

How is an RESP invested?

We offer a variety of investment options that can help you maximize your contributions. Ask an advisor to recommend an investment strategy.

What happens if I can't take advantage of the full Canada Education Savings Grant in a given year?

Grant contribution room can be carried forward to the following year.

What happens if my child does not attend post-secondary education?

If your child decides not to attend post-secondary education, you have the following options:

  • You may be able to change the beneficiary
  • You can transfer up to $50,000 of the RESP funds to your RRSP if you have the contribution room for that year, including any room you have carried forward.
  • If you don’t have the RRSP contribution room, you will have to pay tax on the RESP growth and there will be a government clawback on the grant.
Mutual funds and other securities are offered through Qtrade Advisor, a division of Qtrade Securities Inc., member of the Canadian Investor Protection Fund.  Mutual funds are also offered through Qtrade Asset Management Inc., member MFDA.