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Registered Education Savings Plans (RESP)
An RESP is one of the easiest and best ways to save for your child’s future.
Why invest your money in an RESP?
RESPs help parents, grandparents, family, and friends save towards a child's future post-secondary education. We offer Individual and family plan RESPs and can help you choose the plan that works best for you.
What is an RESP?
An RESP is an investment account geared towards saving for a child’s education. It allows investments inside the account to grow tax free. Federal government incentives, such as the Canada Education Savings Grant (CESG), are also available. Here are some tips on how to save for your child’s education with an RESP.
Types of RESPs that Scotiabank offers
Our individual and family plans give you a range of options, whether you intend on naming one beneficiary or many.
What are the contribution limits?
There is a lifetime contribution limit of $50,000 that you can contribute to an RESP for up to 31 years. The plan can remain open for a maximum of 35 years.
Is this Registered Plan right for you?
Right for you if you:
- Need an account to save on a tax deferred basis for a child’s education
- Want to have funds in a RESP that are eligible for Canadian Government and/or select provincial grants/bonds
- Expect to have room to contribute within the yearly limit set by the Canadian Government
May not be right for you if you:
- Do not have available RESP contribution room for the child
The Investment Companion Booklet includes important information about our products, services, and fees.
Scotiabank - INVESTMENT COMPANION BOOKLET - June
Scotiabank - INVESTMENT COMPANION BOOKLET - June | pdf : 732
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Building your RESP
ScotiaFunds® Portfolio Solutions
Our Portfolio Solutions offer a diversified mix of mutual funds in the convenience of single investment to help you grow your savings while carefully managing risk. Whether you are seeking regular income or long-term growth, there’s a portfolio solution designed to help you achieve your goals.
Mutual Funds
Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.
Guaranteed Investment Certificates (GICs)
A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return.
MomentumPLUS Savings Account
A high interest savings account that rewards you the longer you save.
All with no minimum balance or monthly account fee.
Savings Accelerator Account
Earn a competitive interest rate on your money as it grows, with no monthly account fee. Available in registered1 and non-registered plans.
Build a plan for your future with Scotiabank
Get personalized advice from our team of advisors and investment specialists across Canada.
Connect with us in a way that’s convenient for you. Scotia advisors are available in every branch to help you understand, plan, and execute the right financial plan.
Monitor your investments digitally with online and mobile banking. Our digital banking guides show you how to take care of your banking using your mobile phone, tablet, or computer.
Online appointment booking
A quick, easy, and secure way to connect with a Scotiabank advisor matched to your needs.
Have a question?
We’re ready to give you advice.
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The Scotiabank Savings Accelerator Account may be opened within the following registered investment accounts - TFSA, RRSP, RESP, RRIF and RDSP.