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Invest in Your
Child’s Future Education

An RESP is a smart, tax-advantaged way to save for your child’s post-secondary education. With government grants and tax-deferred growth, you can maximize your contributions and ensure your child has the resources to pursue their dreams.

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Why Do You Need RESP Insurance in Canada?

Secure children’s education with tax-free savings growth.

Government Grants

Maximize RESP contributions with additional government funding.

Tax-Free Growth

Grow savings without immediate taxation until withdrawal.

Education Stability

Guarantee education funds are available when needed.

Who Needs RESP Insurance?

Parents with Young Children

Start saving early to maximize grants and growth.

Guardians and Grandparents

Support children’s education by contributing to RESP plans

Families Planning Ahead

Ensure future tuition costs are covered affordably.

Why Choose MB Insurance for RESP Insurance?

Maximize Education Savings Through Government Grants Effectively

We help families grow RESP contributions by ensuring they access maximum government grants, building strong foundations for children’s educational futures.

Expert Advisors Simplify Education Savings Plans Easily

Our team explains RESP options clearly, ensuring families understand savings strategies, tax benefits, and how to achieve education funding goals.

Affordable RESP Plans for Families Planning Ahead Smartly

We provide budget-friendly RESP options designed for different family circumstances, ensuring every parent can save for their child’s education.

Ongoing Support to Secure Children’s Educational Futures

MB Insurance offers guidance and continuous support, helping parents monitor RESP growth and guaranteeing funds are ready for future education.

What our beloved client says

Check out what our client have to say about our services

The government grant really accelerated our savings.

Rachel Adams

Accountant

They explained everything and made it so easy.

Peter Hughes

HR Manager

I feel confident my kids will have what they need.

Sofia Lopez

Nurse
RESP FAQs | MB Insurance

RESP — Registered Education Savings Plan — MB Insurance

RESP Frequently Asked Questions

Invest in your child's future education with a tax-advantaged savings plan.

An RESP (Registered Education Savings Plan) is a smart, tax-advantaged way to save for your child's post-secondary education. With government grants and tax-deferred growth, you can maximize your contributions and ensure your child has the resources they need.
There is no annual contribution limit for RESPs, but there is a lifetime contribution limit of $50,000 per beneficiary. This flexibility allows families to contribute according to their financial situation each year.
The RESP lifetime contribution limit is $50,000 per beneficiary. Contributions beyond this amount are subject to a tax penalty, so it's important to track total contributions carefully, especially if multiple family members are contributing.
Yes, a child can be named as a beneficiary in more than one RESP account, but the total lifetime contributions across all plans cannot exceed the $50,000 limit per beneficiary.
Your original contributions can be withdrawn tax-free. However, government grants received must be returned, and the investment growth portion may be taxed with an additional penalty if withdrawn for non-education purposes.
Your original contributions are not taxed upon withdrawal, since they were made with after-tax dollars. The government grant portion and investment growth portion are taxable, but they're taxed in the student's hands at their typically lower tax rate.
Parents with young children should start saving early to maximize government grants and compound growth over time. Guardians and grandparents can also contribute to RESP plans to support a child's education.
The Canadian government matches a percentage of annual RESP contributions through programs like the Canada Education Savings Grant (CESG), effectively giving families free money toward their child's education savings.
The earlier you start an RESP, the more time your contributions have to grow tax-deferred and the more years you have to maximize available government grants. Many parents open an RESP shortly after a child's birth.
You can get started by visiting mbeinsurance.ca/resp-registered-education-savings-plan and completing the get-started form, or calling an advisor at +1 (647) 496-6498. MB Insurance's team explains RESP options clearly.

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