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Registered Education Savings Plan (RESP)

An easy way to save for your child's education

Invest early; invest regularly for your child's future with an RESP

RESPs allow you to save for a child or grandchild's post-secondary education. Money you invest in an RESP grows without being taxed until it is withdrawn and if it is withdrawn by your child or grandchild, often their tax rate may be lower than yours. Government grants are available to help boost education savings, depending on your personal circumstances.

At HSBC you can invest in a Family Plan RESP that enables you to:

  • Invest in a child's education with a wide range of local and global opportunities found in

    HSBC Mutual Funds1 and HSBC Managed Solutions1.

  • Significantly increase your savings when you register your RESP for the Canada Education Savings Grant (CESG), which matches 20% of eligible annual contributions up to a maximum of $500 per child per year (the lifetime limit of the basic CESG is $7,200; certain parents may qualify for the additional CESG, but you should consult your own advisor to determine if you qualify)


Benefits and details

  • Government grants
    Build your RESP faster with government grants like the Canada Education Savings Grant (CESG), the Canada Learning Bond (CLB) and other provincial education savings incentives (in B.C. and Quebec)
  • Often tax efficient
    Funds withdrawn for educational purposes are taxed at your child’s tax rate – which may be lower than yours
  • Flexible Family Plans
    Funds can be applied to any children included in the RESP
  • Program options
    Use the funds for a variety of education programs in Canada and abroad
  • Defer taxes
    Generally, you'll pay no tax on the growth of your investments until money is withdrawn
  • Wide selection of investments
    Choose from HSBC Mutual Funds and Managed Solutions, or invest on your own through HSBC InvestDirect2
  • Start early, save regularly
    Maximize the benefits of compounding and dollar cost averaging by starting a regular investment plan
  • Flexible savings
    Convert your funds to another investment option if a child does not pursue post-secondary education

Additional details

How to apply

To open an RESP, all beneficiaries must be under 21 years old. You can also transfer a Family Plan RESP opened with another financial institution.

When you open an RESP, you’ll have the ability to apply for the Canada Education Savings Grant as well as additional government grants. Criteria for grants depends on the age of the beneficiaries, where you and the beneficiaries live in Canada and your family income.

To apply for government grants when you open an RESP, beneficiaries must:

  • be Canadian residents;
  • have a Social Insurance Number;
  • be under 16 years of age when you first open the account (if the child is between the ages of 16 and 17 you can still apply if certain conditions are met3).


HSBC offers Family Plan RESPs. This type of RESP requires all beneficiaries to be children or grandchildren of the account holder(s) by birth, adoption or marriage. Family Plan RESPs cannot be opened for nieces or nephews, cousins or other familial relationships. 

If you or the children don’t qualify for an RESP, consider a TFSA or non-registered account to save for post-secondary education.

Open a self-directed account online with HSBC InvestDirect3

Already have an RESP with HSBC?

Contribute to your RESP account through HSBC Wealth Compass™

Contribute to your RESP account through HSBC InvestDirect

More information about additional government grants

Find out if you’re eligible and see more information for international students, if you’re new to Canada or interested in studying abroad


Estimate the amount you need to save for your child's future education needs.


See how other families in Canada and around the world are saving for their loved ones’ educations.

* This web site is for information purposes only and is not intended to provide specific financial, legal, tax, investment or other advice, and should not be relied upon in that regard. You should not act or rely on the information without seeking the advice of a professional. For full details about RESPs, special grants and how they relate to your own income tax and financial situation, please consult your tax advisor to find out which strategies best suit your tax situation. Registered plans for individuals are subject to specific limits, tax implications and restrictions which can be found on the CRA Savings and pension plans webpage.

** The Digital Banker award recognises and celebrates the world's preeminent Financial Services Organisations that are pioneering unrivalled standards and capabilities in their respective fields. HSBC Canada did not pay to be considered or granted this award.

1 HSBC Investment Funds (Canada) Inc. (“HIFC”) is a direct subsidiary of HSBC Global Asset Management (Canada) Limited (“AMCA”) and an indirect subsidiary of HSBC Bank Canada, and provides its services in all provinces of Canada except Prince Edward Island. AMCA is a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada.

HSBC Global Asset Management (Canada) limited ("AMCA") is the manager and primary investment advisor for the HSBC Mutual Funds. HSBC Investment Funds (Canada) Inc. ("HIFC") is the principal distributor of the HSBC Mutual Funds. HSBC Mutual Funds are also distributed through other authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus, Fund Facts, and other disclosure documents before investing. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other deposit insurer or financial institution. The net asset values of all mutual funds, including the HSBC Mutual Funds, may change frequently and any past performance may not be repeated. For money market funds, there can be no assurances that such funds will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you.

All products and services of HIFC and AMCA are only available for sale to residents of Canada, unless the laws of a foreign jurisdiction permit sales to its residents. Please contact your HSBC Mutual Fund Advisor for more details. The contents of this site should not be considered an offer to sell or a solicitation to buy products or services to any person in a jurisdiction where such offer or solicitation is considered unlawful.

® World Selection is a registered trademark of HSBC Group Management Services Limited.

HSBC Wealth Compass™ is a trade-mark of HSBC Group Management Services Limited used under license by HIFC.

HSBC Wealth Compass™ is an online service offered by HIFC which allows clients to discover their investor profile, receive a personalized investment recommendation and apply to start investing in mutual funds.

2 HSBC InvestDirect is a division of HSBC Securities (Canada) Inc., a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada. HSBC Securities (Canada) Inc. is a member of the Canadian Investor Protection Fund. HSBC InvestDirect does not provide investment advice or recommendations regarding any investment decisions or securities transactions.

3 If the beneficiary is already 16 to 17 years old you may still be able to apply for the CESG, if the following conditions are met:

- An RESP contribution of at least $2,000 must have been made, and not withdrawn, before the year in which the beneficiary turns 16, or,

- A minimum of four $100 annual contributions must have been made, and not withdrawn, in any of the years before the year in which the beneficiary turns 16

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