RESP Centre

Choose the Right Plan
Government Grants
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Why Open an RESP With BMO InvestorLine?
With our detailed RESP account tracking and robust RESP centre, you'll always have a clear picture of your investments and you can manage them easily - all in one place.

And combining your assets can really add up. Clients with assets over $50,000, as well as 5 Star Program and Active Trader Program clients can take advantage of our flat fee of only $9.95 per trade. Want full control over your entire investment portfolio? It just makes sense to consolidate your assets with BMO InvestorLine.

A few more great reasons to open a BMO InvestorLine RESP:
  • RESP summary. Your account summary shows your year-to-date and lifetime contributions with
    BMO InvestorLine, and the daily status update keeps you informed of all grant payments.
  • Diversification. You have various investment options for your RESP. Choose from options, equities, mutual funds, fixed income securities, GICs, and more.
  • Online contributions. It's quick and easy to deposit your RESP contributions directly into your account.
  • Fees. No fee when your account value is greater than or equal to $25,000*. An annual administration fee of $50 - for RESPs and $100 - for all other plan types is charged for accounts less than $25,000 and is debited from the account in advance each year.

Choose the Right Plan
Choose from two general types of RESPs: family or individual.
  • Family plan. You can name one or more children as beneficiaries. The children must be related to you, and can be your children - including adopted children - grandchildren.
  • Individual. Set up a plan for one person, who does not need to be related to you. There are no age limits, so you can even set up an RESP for yourself or another adult.
Important:
If you plan to transfer an RESP from another institution which provides other grants (e.g. Canada Learning Bond, Additional CESG, Alberta Centennial Education Savings Grant), the government will require you to repay those grants before the transfer can be completed.

RESP Calculator
It pays to start early. Our RESP Calculator helps you to see how quickly your savings can accumulate, and lets you compare different savings scenarios.

Government Grants
Saving for your child's education just got easier with the federal government's education savings grant.

Canada Education Savings Grant (CESG)
The Canada Education Savings Grant is a federal government grant that is deposited directly into your RESP, and can increase your savings by 20% or more. The basic CESG is equal to 20% of the first $2,500 in annual RESP contributions per beneficiary. That's up to $500 per beneficiary each year to a lifetime limit of $7,200 - free from the federal government. BMO InvestorLine only offers the basic Canada Education Savings Grant (CESG). Please fill in the Grant form in order to apply for the CESG today. You must complete parts A and B of this form.

Contributions:
    Family Plan:
    You can contribute up to a lifetime maximum of $50,000 per beneficiary. The contributions you make to an RESP are not tax-deductible, but tax on the income earned on investments within the Plan is deferred until the intended beneficiary withdraws the funds. In many cases, the beneficiary will be in a lower tax bracket at the time withdrawals are made. Contributions for any beneficiary on the plan may be made until they turn 31 years of age.

    Individual Plans:
    You can contribute up to a lifetime maximum of $50,000 per beneficiary. The contributions you make to an RESP are not tax-deductible, but tax on the income earned on investments within the Plan is deferred until the intended beneficiary withdraws the funds. In many cases, the beneficiary will be in a lower tax bracket at the time withdrawals are made. Contribution can be made up to the end of the 31st year after the year the plan was opened. Contributions are not dependent on the age of the beneficiary.
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* Fee waived for 5 Star Program clients