Invest in their future

A Registered Education Savings Plan (RESP) is a great way to help your child or young loved one meet their future educational goals. And, while the beneficiary is under 18, the Federal Government makes contributions too!

Fixed-Term Deposit

An RESP is available in both short and long terms and requires a minimum investment of $500. 

What you need to know 

  • Non-Redeemable, registered

  • Short term: 30-59, 60-89, 90-179, 180-269 or 270-364 days

  • Access to funds at maturity only1

  • Short term interest is paid at maturity, long term interest is paid annually and at maturity date

  • Automatic reinvestment at current rate2

  • No annual contribution limits

  • Federal government grant contributions are available 

  • Earn tax sheltered, compound interest at a guaranteed rate

  • Beneficiaries must be Canadian residents and have a valid Social Insurance Number

  • There is a lifetime contribution maximum of $50,000 for each beneficiary

  • Plans must be terminated by the 35th year that the plan was opened

Rates 

Short term

  • ​30 - 59 days → 0.10%

  • ​60 - 89 days → 0.20% ​

  • ​90 - 179 days → 0.25% ​

  • ​180 - 269 days → 0.30% ​

  • ​270 - 364 days → 0.35%​

Long term

  • ​1 year → 3.65% ​

  • ​2 years → 3.85% ​

  • ​3 years → 3.85% ​

  • ​4 years → 3.85%​

  • ​5 years → 3.85%​

Fees

  • Transfer out: $100 

  • Partial transfer out4: $195

Variable

This non-redeemable, registered RESP requires no minimum investment.

What you need to know

  • Access to funds: fully or partially cashable at any time1

  • Interest is calculated on the daily closing balance3 and is paid semi-annually on June 30 and December 31

  • No annual contribution limits

  • Federal government grant contributions are available

  • Earn tax sheltered interest

  • Beneficiaries must be Canadian residents and have a valid Social Insurance Number

  • There is a lifetime contribution maximum of $50,000 for each beneficiary

  • Plans must be terminated by the 35th year that the plan was opened

Rates

  • ​Variable Rate → 1.50%​

Fees 

  • Transfer out: $100 

  • Partial transfer out4: $195

  1. The RESP program is administered by Human Resources and Social Development Canada. Withdrawals are subject to the terms and conditions of the program. 

  2. Unless other instructions provided prior to maturity

  3. Interest on the variable RESP is based on a floating rate

  4. From cash account only