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Saving for child’s education

Post-secondary school is expensive, and you’d like a plan to help you save for your children’s future. We’ll show you accounts –and government incentives—that can make saving for your child’s education as easy as possible.

Recommended investing options

Explore your options or saving and investing toward your child’s future education.

Investing accounts

Below are two great account options for saving for your child’s education.

Registered Education Savings Plans

Registered education savings plans are one of the best ways to save for a child’s education. The government may add up to a maximum of $500 per year to a lifetime maximum of $7,200.

Registered education savings plans are one of the best ways to save for a child’s education. The government may add up to a maximum of $500 per year to a lifetime maximum of $7,200.

  • Great for: Parents who want to save for their children’s education.
Learn more
Tax-Free Savings Accounts

Your money grows tax-free and can be withdrawn at any time without consequences – such as when you need to pay tuition for your child.

Your money grows tax-free and can be withdrawn at any time without consequences – such as when you need to pay tuition for your child.

  • Great for:Parents who have maxed out their R E S P and want a flexible alternative.
Learn more
Investing accounts
Investing accounts
Below are two great account options for saving for your child’s education.
Registered Education Savings Plans

Registered education savings plans are one of the best ways to save for a child’s education. The government may add up to a maximum of $500 per year to a lifetime maximum of $7,200.

Registered education savings plans are one of the best ways to save for a child’s education. The government may add up to a maximum of $500 per year to a lifetime maximum of $7,200.

  • Great for: Parents who want to save for their children’s education.
Learn more
Tax-Free Savings Accounts

Your money grows tax-free and can be withdrawn at any time without consequences – such as when you need to pay tuition for your child.

Your money grows tax-free and can be withdrawn at any time without consequences – such as when you need to pay tuition for your child.

  • Great for:Parents who have maxed out their R E S P and want a flexible alternative.
Learn more

Investing types

Whether you have decades or just a few years to save for your child’s education, we have great investing types to help your savings grow.

Exchange Traded Funds

Exchange traded funds are a bucket of securities made up of equities, fixed income and other assets – great for a diversified portfolio.

Exchange traded funds are a bucket of securities made up of equities, fixed income and other assets – great for a diversified portfolio.

  • Typical investing horizon: Medium- to long-term
  • Great for: Anyone who wants a low-fee investing option.
Learn more
Mutual Funds

Mutual funds are a pool of investments that are managed by a portfolio manager. Unlike Guaranteed Investment Certificates, your principal isn’t protected; however, it’s possible to earn much more interest with a mutual fund.

Mutual funds are a pool of investments that are managed by a portfolio manager. Unlike Guaranteed Investment Certificates, your principal isn’t protected; however, it’s possible to earn much more interest with a mutual fund.

  • Typical investing horizon: Medium- to long-term
  • Great for: Anyone who wants their investments to be professionally managed.
Learn more
Investing types
Investing types
Whether you have decades or just a few years to save for your child’s education, we have great investing types to help your savings grow.
Exchange Traded Funds

Exchange traded funds are a bucket of securities made up of equities, fixed income and other assets – great for a diversified portfolio.

Exchange traded funds are a bucket of securities made up of equities, fixed income and other assets – great for a diversified portfolio.

  • Typical investing horizon: Medium- to long-term
  • Great for: Anyone who wants a low-fee investing option.
Learn more
Mutual Funds

Mutual funds are a pool of investments that are managed by a portfolio manager. Unlike Guaranteed Investment Certificates, your principal isn’t protected; however, it’s possible to earn much more interest with a mutual fund.

Mutual funds are a pool of investments that are managed by a portfolio manager. Unlike Guaranteed Investment Certificates, your principal isn’t protected; however, it’s possible to earn much more interest with a mutual fund.

  • Typical investing horizon: Medium- to long-term
  • Great for: Anyone who wants their investments to be professionally managed.
Learn more

Did you know?

Whichever account you choose for saving for a down payment can be accessed online or through the B M O Mobile Banking app, any time.
Whichever account you choose for saving for a down payment can be accessed online or through the B M O Mobile Banking app, any time.

Tips and hints

Know your government incentives.

Canadian Education Savings Grant

The Canadian Education Savings Grant (C E S G) is a federal government program that can top up your annual R E S P contributions by 20% up to $500 per year, to a lifetime maximum of $7,200.

Other grants and incentives
Other incentives available for qualified families include the Canada Learning Bond (C L B), the British Columbia Training and Education Savings Grant (B C T E S G), and the Quebec Education Savings Incentive (Q E S I).

Helpful tools

  • Help me choose tool
    Unsure about the right accounts or investment types? Answer a few quick questions and we’ll match you with some investing options.
  • Education savings calculator
    Find out how long it may take to reach your investing goals with an R E S P.
  • TFSA calculator
    Find out how long it may take to reach your investing goals with a T F S A.
Automatic savings contributions make investing easy and help you reach your goals faster. Learn more about our Continuous Savings Plans.

Articles you might find useful

Let’s do the math: how much can our R E S P help finance your kids’ education?

Registered accounts seem similar, but they serve different purposes.

How to make personal finance more manageable.

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