Benefits
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Start post-secondary with financial ease
Benefits
How you'll benefit
Save money for tuition, books, housing & more with an RESP.
Features and benefits of an RESP:
- Savings grow tax-free
- The government will match a percentage of your savings
- Money in an RESP can be used to invest in mutual funds, ETFs, GICs, stocks, etc.
Note: There is a lifetime maximum of $50,000 per account. Contributions are not tax deductible.
Take advantage
Get more out of your RESP
The following resources offer additional funds to your RESP:
- Canadian Education Savings Grant - get up $7,200
- Canada Learning Bond - get up to $2,000
- BC Training and Education Savings Grant - get a $1,200 one-time grant
Looking for more guidance? Speak to an advisor >
Explore your options
Types of RESPs
There are three types of RESPs:
- Individual RESP plans — an individual, such as a parent or grandparent, opens an RESP and contributes to it
Note: Even a future post-secondary student can open an account for theirself.
- Family RESP plans — you have one or more recipients and all are related to the individual who opens the RESP
- Group RESP plans — one child is the recipient and does not have to be related to you
Note: Group plans tend to have more restrictions and rules.
Tools & Resources
Discover more
Plan while young
It's never too early to start banking. Learn more about student accounts, educational borrowing, or selecting investments.
Youth Accounts
Our youth accounts meet the needs of our youngest members through to active teens.
TFSA
The Tax-free Savings Account (TFSA) allows you to save and invest without being taxed on your gains.
"SASCU has been my local bank for many years, I opened my first account here."
Mitchel C.
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