TFSA For Children

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An RESP is a tax-sheltered investment account designed to help parents, grandparents and others save money for their loved ones' post-secondary education.

Contribute up to a lifetime maximum of $50,000 per student. Unlike an RRSP, amounts of money in RESP are not tax-deductible.

By Age

Learn about RESP
Babies

Quick FAQs

What is the RESP?

Using an RESP, you can contribute towards the maximum amount of the investment each following year. With any RESP, contributions cannot be withdrawn early or be re-contributed to the plan after withdrawal is complete.

What is the TFSA?

With a TFSA, you have the flexibility to withdraw and then re-contribute that amount again the following year. With an RESP, withdrawn contributions are not added back to your contribution room and cannot be re-contributed.

What is Whole Life Insurance?

When you buy life insurance for your child, you are effectively building a financial safety net. Your designated beneficiary would get the payment from the life insurance policy in the event that something unfortunate happened to your child. The recipient may use this sum of money to help with living expenses or to pay off any debts your child may have, including burial fees. If you choose to buy them their own permanent life insurance policy, you can build cash value that your child can take out and pay for future financial obligations.

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