Registered Education Savings Plan

A good education can be expensive. RESPs are a great way to invest in a child’s future by earning interest on dollars put into their post-secondary education fund.

A Registered Education Savings Plan (RESP) is a savings account supported by the Canadian government with the purpose of saving for a child’s future post-secondary education. You can open an RESP for any child in your life; be it your own child, grandchild, niece, nephew, friend or neighbor.*

You have options: you can open a family RESP for multiple children in a single family, or an individual RESP for one specific child.

How it works:

  • Funds are invested in a high-interest variable rate account.
  • Interest is calculated on the daily closing balance and paid to the plan semi-annually on June 30 and December 31. New/subsequent deposits are processed twice per year on May 15 and November 15.
  • Eligible deposits (up to $2,500 annually) may qualify for a 20% matched Canada Education Savings Grant (CESG) (up to $500 annually). Applications for CESGs are processed automatically and then received in June and December.

What you need to know about RESPs:

  • Income earned within the plan is not taxed until it is withdrawn by the beneficiary (child)
  • Minimum contribution amount is $500
  • Maximum lifetime contribution amount is $50,000
  • No yearly contribution limits
  • Funds are transferable at any time**
  • Beneficiaries have 35 years from the date that the RESP plan was opened to access their funds

Crosstown Civic RESPs offer secure, steady growth at competitive interest rates and all deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba.

Give them the opportunity to chase their dreams with a Crosstown Civic RESP. Contact your local CCCU advisor to learn more about how you can get more from your money.


Resources

Investment Calculators
Interest Rates

*Plans opened for children who are not family members may not qualify for the grant.

**Subject to fees.

Effective Thursday, November 12th, all branches will serve members by phone or appointment only. While we will not be open to walk-in traffic, we are still here to help, just in a slightly different way. Learn more.