Your Goal

Achieve Your RESP Goal 

When you opened your RESP, you chose the education savings goal that made sense for you at the time. But a lot can happen between then and the time your child is ready for post-secondary education. Whether you want to increase, decrease or accelerate your goal, we’ll help you make the necessary adjustments to your plan. Having a goal is the most important step of all.

Increase Your Education Savings Goal

Maybe you found room in your budget to save more for your child’s education.  Or perhaps you received a recent pay raise and you’re looking for the best way to use your increased cash flow.

If you have a Flex First RESP, you can increase your Total Contribution Goal (TCG) at any time, to save more for your child’s education savings. The TCG is a based on a dollar amount, so it easy to understand what you are working towards.

To increase the goal for one of our Family or Heritage Plans, you can add units or partial units to an existing plan or open a new plan (some age restrictions apply). To add units to an existing plan, you’ll need to make a lump-sum deposit to make up the additional contributions going back to the beginning of the plan plus the income they would have generated.


Accelerate Your Education Savings Goal

Sometimes, fortune smiles upon you and you are blessed with a significant sum of money to use as you see best. What better way to make the most of a family gift, work bonus or inheritance than to direct it to your child’s RESP?

With Flex First, you can make lump-sum, ad-hoc contributions to your plan to reach your TCG faster.  Or you can increase your TCG in Flex First or increase units in our Family or Heritage Plans to work towards a higher education savings amount.  The lifetime maximum contribution is $50,000 per child. 

Decrease your Education Savings Goal

Life is full of surprises, and they’re not always good. Maybe you’ve lost your job and need to reduce your education savings goal until you get back on your feet. Whatever the reason, we can help you review your options and make the decisions that are best for your family.

You can reduce the TCG of a Flex First plan at any time so long as it is equal to or more than the total you’ve already contributed and is at least $500. Note that if you reduce your TCG to less than $2,500, your plan will no longer qualify for a loyalty bonus.

If you have one of our Family or Heritage Plans, you can decrease your education savings goal by reducing the number of units in your plan at any time prior to maturity.  We can help you understand the minimum amounts required to keep the plan open.

Review Your Plan Annually

Your RESP is an investment in your child’s future. Like any investment, it’s a good idea to revisit your goal on a regular basis. A good time to do this is when you receive your annual statement of account.

Your statement includes transaction details for the past 12 months, the status of your government grants and an illustration of the potential funds that will be available when your child graduates high school. It’s a great tool to see how you are progressing towards your education savings goal and whether you need to make any adjustments.


Maximize Your Grants

Only an RESP is eligible to receive government grants, making it the best way to save for your child’s education.  Learn how to make the most of the education savings grants available each year, including how to leverage unused grant room from previous years.

Our Track Record

We’re here to help

Do you have questions on how to change your education savings goal? Contact your Sales Representative or our Customer Service team.

for Flex First or Family Plans                          Contact Us

for Heritage Plans                                            Contact Us