Get smart about education

A Mackenzie Investments Registered Education Savings Plan (RESP) is an effective way to save for, and maximize, the money available to children when they enroll in a post-secondary program. The Government of Canada and certain provinces offer several grants to help investors build their education savings. Contributions are not tax-deductible, but money inside the plan and any grant they attract can grow tax-free until it's withdrawn for educational purposes.

Who should invest in an RESP?

  • Parents who want to prepare for rising education costs and save for their child’s education.
  • Grandparents – RESPs are an effective way to pass down money to grandchildren to use for education costs.
  • Anyone (friends, aunts, uncles, cousins) who wants to support the education of a child that is close to them.

The Benefits: Government grants and tax-deferred growth

Maximize your RESP savings

  • Investors can choose between an individual or family RESP. Talk to your advisor about the best plan for you.
  • Mackenzie Investments offers a large selection of investment options to use within a RESP.
  • Enroll in a pre-authorized chequing plan for automatic investing.
  • Use the Mackenzie One-Step Dollar Cost Averaging service for regular systematic investing.

Additional tips

If money from an RESP is withdrawn for reasons other than the beneficiary’s education, part of or all of the grant money must be returned to Employment and Social Development Canada (ESDC). This is referred to as “claw-back.”

Find out more

Speak to your financial advisor for more information about RESPs and investing with Mackenzie Investments.