Grants available through the Government of Canada are based on the amounts contributed to the plan throughout the year, and household income declared. There are two ways an RESP can be set up and it is based on whether you wish to make contributions for more than one individual under one plan, referred to as a Family Plan, or the contribution is for only one individual, referred to as a Specified Plan.  The individual who makes the contributions to an RESP is called the subscriber, and the individual for whom the RESP was set up for is referred to as the beneficiary.

Unlike an RRSP, money that is contributed into an RESP is taxable income, however the interest earned in an RESP is not taxable income.

For 2007 and later years, there is no annual limit for contributions to an RESP

However, the lifetime limit on the amounts that can be contributed to all RESPs for a beneficiary is $50,000. Contributions can continue into an RESP until the year in which the beneficiary turns 35 years of age. As the government may make changes to the terms of an RESP plan including contributions, grants, and restrictions, it is important to speak with a Bow Valley Credit Union representative to get up to date information and to answer any of your questions. Another great resource is to visit the Government of Canada for full detailed information on RESP:


There are various investment options to choose from for an RESP, including Guaranteed Investment Certificates (GIC), Fixed or Variable Interest Rates, Redeemable and Non-Redeemable Terms, and high yield savings accounts. Getting started can be as easy as setting up weekly, bi weekly or monthly contributions for as little as $25.00 a month. A BVCU representative will help you to develop a savings strategy and provide investment options to help you reach your goal. Another important part of investing with BVCU is also the peace of mind you get knowing that your investments are safe and 100% guaranteed by the Credit Union Deposit Guarantee Corporation (CUDGC), including the interest earned on your RESP. 

BVCU also partners with Credential Securities* to offer various other RESP investment options that can further diversify your portfolio and make your money work harder for you.  Mutual Funds, Ethical Funds, Bonds, Annuities, and Online Brokerage Services are just a few of the other investment savings options available to you to help you reach your investment goals. Our Credential Securities Investment Advisor will take the time to understand your goals and objectives to develop a portfolio specially tailored for you.  

Contact us about RESPs

*Mutual funds and other securities are offered through Credential Securities,a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.


Personal RESPs

(Rates effective January 29, 2018)


All rates are subject to change without notice.

  • 1 Year 0.55%
  • 2 Year 0.80%
  • 3 Year 0.85%
  • 4 Year 0.95%
  • 5 Year 1.05%
  • Variable Rate RESP 0.25%

 Other Investments


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Marla Schlachter