142 South Algoma Street
Thunder Bay, ON P7B 3B8

Phone: (807) 345-7612
Email: info@baycreditunion.com



Start investing as early as possible. A Registered Education Savings Plan (RESP) is a special savings account to help your family save for your child’s post-secondary education.

Through the Canada Education Savings Grant and the Canada Learning Bond, the Government of Canada matches 20% of your first $2,500 of annual contributions. Based on your household income, you could be eligible for an even higher matching rate – up to 40% of your first $500 matched annually.

RESPs are available through a variety of investment options, including fixed term deposits, variable rate savings accounts.

Get started with this Investment Calculator.


If you’re receiving money from the government each month for having children, consider putting it directly into a RESP. Make sure your child has a Social Insurance Numbers before opening an RESP.


  • Your RESP can help fund most Canadian post-secondary programs
  • No tax charged on income earned with your RESP until the funds are withdrawn
  • Beneficiaries 17 or younger receive the Canada Education Savings Grant – equal to 20% of the annual contribution*
  • Additional grants are also available for qualifying beneficiaries
Restriction Details
Contribution maximum Lifetime maximum of $50,000 per beneficiary;
no annual maximum
Contribution age limit Final contribution must be made by the end of the 31st year after the year the plan is entered into for all plans, and in addition before a beneficiary's 31st birthday for a family plan
Plan age limit RESP must be collapsed before December 31st of the 35th year following the year the plan is entered into
Over-contribution penalty One percent per month of the over-contribution amount at the end of the month
Canada Education Savings Grant (CESG) 20 percent of the annual contribution to an RESP on the first $2,500 contributed each year per beneficiary, untl the end of the year in which the beneficiary turns 17, up to a maximum of $7,200; the CESG does not count towards the $50,000 contribution maximum; note the governemnt has enhanced the CESG for low income families'
Refund of contributions Subscribers can withdrawal their contributions tax-free at any time; however, the plan may have to repay CESG

Eductational assistance payments (EAPs)

Generally, $5,000 maximum payout for full-time students with the first 13 weeks of a qualifying eductation program; no limits after 13 weeks; generally, $2,500 maximum payout for part-time students provided certain conditions are met.