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Education savings

  • Education Savings (RESP)

Built for

Your RESP can be used to cover the cost of more than just tuition, including living expenses and course books.

Tax deferred

No tax is charged on interest earned in your RESP until funds are withdrawn – typically by the child at a lower tax rate.


The federal government boosts your contributions by up to $500 a year*, and provincial grants may add even more.


It pays to plan for your child’s future.

A post-secondary education is perhaps the greatest gift you can give a child. But it’s often an expense that surprises parents. Plan ahead with a Registered Education Savings Plan (RESP). Contributions are easy to set up, tax deferred, and potentially boosted by government grants if your child qualifies.


Wealth Management

Financial planning shouldn’t be cookie-cutter. We help you create a tailored plan that matches your goals.

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RESP calculator

Try our RESP calculator to work out what your payment plan could look like.

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Our latest & greatest rate.

Designed to meet your everyday needs.

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Smart savings for post-secondary.

Learn some saving strategies for your child’s education to help them follow their post-secondary dreams.

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Flexible to fit you.

Not sure if you’ll need the funds? We have options that allow you to redeem before your GIC term ends.

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Tired of paying tax on investment growth?

You can contribute to your TFSA and watch it grow faster, because you’re not paying pesky taxes on the interest earned.

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Grow it your way.

Your RRSP can hold a range of investments, from mutual funds to GICs, creating a custom portfolio to match your goals.

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At Northern Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)

Download the Deposit Insurance Reserve Fund (DIRF) Brochure

Deposits insured through FSRA Financial Services Regulatory Authority of Ontario.


*To a maximum of $500 per year per beneficiary and $7,200 over the lifetime of the RESP per beneficiary.