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RESP: The value of an education

The faster, easier way to save for a child’s education

Contact an MD Advisor

Imagine graduating with less stress, lower debt and a financial head start.

As a physician, you understand the high cost of pursuing a dream and you know the value of education. A registered education savings plan (RESP) can help make higher education an affordable reality for your child.

An RESP is a tax-deferred savings plan, created by the federal government, that provides a tax-effective way to save for a child’s education. There are three reasons to consider investing early, staying committed and taking advantage of every opportunity the RESP provides:


Your savings grow tax-deferred

You can contribute up to $50,000 per child to an RESP. The savings inside the RESP grow and no tax is paid on the gains until it’s time to withdraw. Choose from a wide variety of options for that investment within the RESP, including MD or other funds, cash, fixed income and equities.


You can get up to $500 a year in free money

Every year you contribute, the federal government will add to your child’s RESP to help your savings grow even faster. You could receive up to $7,200 per child with the Canada Education Savings Grant (CESG) by the time that child reaches 18. And that does not include any earnings on the grant money.


Anyone can open an RESP

Parents are not the only ones who can fund their child’s RESP. Grandparents, other relatives, friends and anyone else can also contribute.

Quick facts about RESPs

Withdrawing money from the RESP

Once the child designated in the RESP is enrolled in a qualifying post-secondary school, the money can start to be withdrawn. The withdrawals from your original contributions are received tax-free.

Maximizing additional government funding

If the child’s household is eligible for additional federal grants, it could mean an extra 10% or 20% is added to the first $500 contributed to an RESP each year. Some provinces also offer grants.

What happens if your child doesn’t go to a post-secondary school

You have options if your child chooses not to pursue post-secondary education. In most cases, you have the flexibility to name an alternative child as the recipient of the funds.

Make an RESP part of your plan

Start preparing for post-secondary education expenses now by saving a little every month in an RESP from MD.

Contact an MD Advisor*

* MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec), or an MD Private Investment Counsel Portfolio Manager.