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 for saving and investing toward your child’s future education.
Investment accounts
Below are two great account options for saving for your child’s education.
Registered Education Savings Plans (RESPs)
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.
Tax-Free Savings Accounts (TFSAs)
Your money grows tax-free and can be withdrawn at any time without consequences – such as when you need to pay tuition for your child.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 RESP and want a flexible alternative.
Investment 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 (ETFs)
ETFs 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.
Mutual Funds
Mutual funds are a pool of investments that are managed by a portfolio manager. Unlike GICs, 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 would like their investments to be professionally managed.
Did you know?
Whichever account you choose for saving for a down payment can be accessed online or through the BMO Mobile Banking app, any time.
Tips and hints
Know your government incentives.
The Canadian Education Savings Grant (CESG) is a federal government program that can top up your annual RESP 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 (CLB), the British Columbia Training and Education Savings Grant (BCTESG), and the Quebec Education Savings Incentive (QESI).
Helpful tools
Unsure about the right accounts or investment types? Answer a few quick questions and we’ll match you with some investing options.
Find out how long it may take to reach your investing goals with an RESP.
Find out how much you could save with a TFSA account.
Automatic savings contributions make investing easy and help you reach your goals faster. Learn more about our Continuous Savings Plans.
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