How to Open an RESP in 15 Minutes
The government wants to help pay for your child's education. All you have to do is open one account.
What is an RESP?
An RESP (Registered Education Savings Plan) is a special savings account designed to help families save for a child's education after high school. It could be college, university, trade school, or an apprenticeship program.
Think of it like a regular savings account, but with a superpower: the government adds free money on top of whatever you save.
Why It Matters: Free Government Money
When you put money into an RESP, the government matches 20% of your contribution through the Canada Education Savings Grant (CESG). That means for every $100 you save, the government adds $20 — up to $500 per year, per child. Over your child's lifetime, that's up to $7,200 in free money.
If your family has a lower income, there's even more help. The Canada Learning Bond (CLB) gives families up to $2,000 per child — and you don't have to contribute a single dollar to get it. The government puts the money in for you. You just need to open the account.
Step by Step: How to Open an RESP
Choose a provider
You can open an RESP at most banks, credit unions, or online brokerages. Look for one with low fees and no minimum contribution. Avoid group plans with high penalties for missing payments.
Gather your documents
You'll need the Social Insurance Number (SIN) for both yourself and your child. If your child doesn't have a SIN yet, you can apply for one through Service Canada. You'll also need your child's birth certificate.
Open the account
Most providers let you do this online in about 15 minutes. You'll fill in some basic information and name your child as the beneficiary.
Start contributing
Even $25 a month makes a difference. Set up automatic transfers so you don't have to think about it. To get the full CESG match, aim for $2,500 per year — but any amount is better than nothing.
Common Mistakes to Avoid
- x
“I can't afford to save right now.” You don't need to contribute anything to get the Canada Learning Bond. Just opening the account is enough. And even small amounts like $10 a month get the government match.
- x
Waiting too long to open one. The CESG and CLB are available until your child turns 17, but the earlier you start, the more time your money has to grow. Grants you miss in early years can sometimes be caught up, but only to a point.
- x
Signing up for a group RESP plan with high fees. Some group plans lock you into rigid payment schedules and charge steep penalties if you miss a payment. Individual or family RESPs at your bank are usually simpler and more flexible.
Key Takeaway
Opening an RESP is one of the easiest ways to get free money from the government. You can do it in 15 minutes, start with as little as $0, and your child could receive up to $9,200 in grants alone. The hardest part is just getting started.