Open a Halal RESP

Investing in an RESP is a great way to access free money from the government for your child's education. But ours is also halal!

Get Started on Your Halal RESP

What is an RESP?

RESPs are tax-advantaged accounts designed to help Canadians save for higher education. RESP funds can be invested in countless ways and if they are spent on higher-education related tuition or expenses, no investment gains in the account will be subject to income taxes.

What Makes an RESP Halal?

The RESP is just an account with some tax rules around it. It is how the money that is deposited into this account gets invested that will make it halal or not. The focus here should not be the account type but the underlying investments. As long as that cash is being used to buy Shariah-compliant investments such as the Manzil Mortgage Fund then you should be able to sleep peacefully at night.

Benefits of a Halal RESP

  • Free government money

    The federal government adds to your RESP savings each year through the Canada Education Savings Grant. They will match 20% of your annual contribution, up to a lifetime maximum of $7,200 per child.

  • RESP savings grow tax-free

    You don’t pay tax on any investment earnings as long as they stay in your RESP account. That means your savings can grow faster.

  • It's halal

    The money you put in your RESP account gets invested into our halal Mortgage Fund. This means your money is not just growing tax-free, but you can sleep peacefully at night knowing it's growing through halal means.

  • Friends and family can contribute

    Anyone can set up an individual RESP for your child – not just you. Your child’s RESP can grow more quickly with contributions from friends and family.

Get Started on Your Halal RESP

Why WealthBar?

We partnered with a Robo-Advisor, WealthBar, so you can access our halal mortgage fund and get financial advice.

  • Low fees. Happy wallets

    WealthBar delivers a low fee investing service, so more of your money stays invested.

  • Smarter technology, smarter savings

    Build better savings habits with WealthBars easy automated savings and investment app.

  • Advice worth listening to

    Advice, not a sales pitch, from a Certified Financial Planner® included.

Your Money is Safe with WealthBar

Funds managed by WealthBar are held with custodian members of Canadian Investor Protection Fund (CIPF). This provides limited protection for customer accounts, in case of the custodians’ insolvency for up to $1 million per account type category.

  • WealthBar is a registered portfolio manager.
  • Advanced technology to secure your account.
  • Protecting your personal information.
  • Total transparency.

Ready to Open Your Halal RESP?

It's fast and it's easy. In just a few minutes, you can open, fund and start growing your halal RESP.

Get Started on Your Halal RESP