Easy Savings with RESPwithRBC

“Disclosure: I am part of the RBC RESP blogger program with Mom Central Canada and I receive special perks as part of my affiliation with this group. The opinions on this blog are my own.”


Thankfully, I don’t have a student loan debt, but that’s because I didn’t take a loan. My parents didn’t pay for my post secondary education either, they didn’t have the means for it. So how did I afford to go to post secondary if my parents didn’t pay for it and I didn’t borrow? Well, I planned. I worked two jobs throughout my schooling, and I always had the Summer’s off to work full time at both to earn a lot more money. It definitely wasn’t easy, there were days were I didn’t know how I was going to make it to work or school because of the lack of sleep and exhaustion. I look back and don’t have a clue how I did it, honestly….

I don’t want my little moon to have to go through that when she is in post secondary. I’d like to help her out, even if it’s a little bit, so I’ve started saving a little here and there. While I was making a deposit, the teller asked me if I had started an RESP for our little girl, and I just looked at her like a deer in head lights…


I was kind of embarrassed, I didn’t know what an RESP was…and I think she got my cue hahaha. She explained that an Registered Education Savings Plan (RESP) is a tax-sheltered plan that can help you save for a child’s post-secondary education.

Lets face it, post secondary education seems to be getting more expensive as the years go by. Many of my friends have huge student loan debts and face so much stress because of this. I would hate for my little girl to be in debt after finishing her post secondary education. Gabriel and I would like to help our little moon with her post secondary fund, so we’ve decided that it would be best (easier) if we start saving early (as in NOW!) and contribute regularly. For example, if we were to contribute regularly $25 a week, that can add up to $50,911 in 18 years!


Put in as much or as little as you want and whenever you want. I deposit a minimum of $100 a month into Lunita’s RESP. And I plan on depositing all monetary gifts she receives on her birthday or other special occasions. Slowly, but surely it will all add up by the time she is ready for post secondary.

Overwhelmed? Walk into your local RBC branch and ask an RBC advisor for more information about the RESP. The RBC advisor will take the time to understand your goals and recommend the best investment strategy.


Use the RESP for university, college, apprenticeship, non-credit courses etc. So what if your child doesn’t go to post secondary school? You can use your contributions and earnings to fund your Registered Retirement Savings Plan!


Income earned on investments is not taxed as long as the funds remain in the plan


The Canada Education Savings Grant will match up to 20% on the first $2,500 contributed annually. That could mean up to an additional $500 a year in your RESP, up to a lifetime maximum of $7,200! YES, FREE MONEY! That’s a pretty good incentive to start saving for your kid’s RESP, right.


  •  Instead of giving your child an allowance, put it into their RESP.
  • Deposit ANY/ALL monetary gifts from relatives and friends into RESP.
  • Deposit a weekly contribution that fits your budget into RESP.
  • Have a bottle drive w/in your family and deposit money earned into RESP.
  • Have a garage sale deposit earnings into RESP.

Have you started saving for your child’s FUTURE? You can find more great tips on saving for your child’s education here: and 

Guess what, RBC is giving away $500 for your child’s RESP. FOUR lucky winners have the chance to grow an RESP with RBC!  Join the #RESPwithRBC Twitter party on October 1, where SIX participants will win a $100 gift card!

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  • Reply Natalia

    No tenía ni idea sobre este programa! Muy buena información!

    October 3, 2014 at 10:37 am
  • Reply Yadira

    Ahh, now I know. We have something similar here in FL.

    October 3, 2014 at 12:54 pm
  • Reply Gilda Campos

    Que buen programa. Suena muy interesante!

    October 3, 2014 at 1:15 pm
  • Reply Desirée

    Es genial. No conocía este programa. Gracias por la información.

    October 3, 2014 at 2:04 pm
  • Reply Sandra del Rocio Perez

    Excelente información, todo lo que tiene que ver con la educación de nuestros hijos es de gran relevancia, que alegre saber que hoy en día se cuentan con estos programas.

    October 3, 2014 at 4:59 pm
  • Reply Adriana Martin

    Muy importante ahorrar para el futuro de los nenes y asegurarles una educacion

    October 3, 2014 at 8:47 pm
  • Reply Karina @consaborakafe

    Yo tampoco tuve ayuda de mis padres y tuve que trabajar duro para pagar mis estudios. Por fortuna tengo la posibilidad de poder pagar la universidad de mis hijos. Es bueno comenzar ahorrar desde que los niños están pequeños

    October 4, 2014 at 12:42 pm
  • Reply Adriana Hogar Mujer

    No conocia de este plan tampoco, que bueno estar al tanto la educacion de los hijos es lo mejor que le podemos ofrecer. Gracias por la info!

    October 5, 2014 at 1:01 pm
  • Reply Carla

    Gracias por la información. Estoy en búsqueda de un programa así para ahorrar para el futuro de mis pequeños.

    October 5, 2014 at 9:02 pm
  • Reply Diana Rodriguez - Entre Compras y El Hogar

    Suena muy interesante!

    October 6, 2014 at 6:29 am
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