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Contributions are not tax-deductible, but money inside the plan and any grant they attract can grow tax-free until it's withdrawn for educational purposes.

Invest in your child’s future

A Mackenzie RESP makes it easy to invest in your child’s future. An RESP can provide peace of mind that you’re helping your child get off to a good start, reducing or even eliminating the need for student debt in the future.

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

  • The federal government programs are:
    • The Basic Canada Education Savings Grant (CESG)
    • Additional CESG
    • The Canada Learning Bond (CLB)
  • The provincial government grants are:
    • The BC Training & Education Savings Grant (BCTESG)
    • The Quebec Education Savings Incentive (QESI)
  • RESPs offer the flexibility to share a grant and income with beneficiaries.
  • Although contributions are not tax-deductible, both personal contributions and grant contributions grow tax-free.
  • There are no annual contribution limits. The maximum lifetime contribution per beneficiary is $50,000.

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If money from an RESP is withdrawn for reasons other than the beneficiary’s education, part of or all of the grant money must be returned to Employment and Social Development Canada (ESDC).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

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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This should not be construed as legal, tax or accounting advice.  This material has been prepared for information purposes only. The tax information provided in this document is general in nature and each client should consult with their own tax advisor, accountant and lawyer before pursuing any strategy described herein as each client’s individual circumstances are unique.  We have endeavored to ensure the accuracy of the information provided at the time that it was written, however, should the information in this document be incorrect or incomplete or should the law or its interpretation change after the date of this document, the advice provided may be incorrect or inappropriate.  There should be no expectation that the information will be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.  We are not responsible for errors contained in this document or to anyone who relies on the information contained in this document.  Please consult your own legal and tax advisor.