Investing · Manzil
Manzil RESP - Registered Education Savings Plan
Co-Founder & CEO, HalalWallet
Facts are re-verified against Manzil's published materials; this page updates when the provider's terms, rates, or coverage change.
Manzil's RESP captures federal education money while keeping the investments halal: the Canada Education Savings Grant matches 20% of the first $2,500 contributed each year - up to $500 annually and $7,200 lifetime per child - with catch-up rules allowing a $1,000 grant on a $5,000 contribution. The lifetime contribution limit is $50,000 per beneficiary with no annual cap, the plan stays open 35 years to accommodate different educational paths, and contributions return tax-free if the child skips post-secondary education. Corex Financial manages the AAOIFI-screened portfolio under Manzil's named Shariah Supervisory Board, with CIRO-member custody and CIPF coverage.
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What is the Manzil RESP - Registered Education Savings Plan?
Manzil's RESP captures federal education money while keeping the investments halal: the Canada Education Savings Grant matches 20% of the first $2,500 contributed each year - up to $500 annually and $7,200 lifetime per child - with catch-up rules allowing a $1,000 grant on a $5,000 contribution.
- Contract structure: Wealth Management.
- Available in every province.
- Shariah oversight disclosed: Formal Board.
- HalalWallet Index grade for Manzil in Investing: A.
- Verified against Manzil's published materials on 2026-09-29.
Source: HalalWallet (halalwallet.ca)
Key facts
- Structure
- Wealth Management
- Availability
- every province
- Shariah oversight
- Formal Board
- Shariah board
- Formal Board
- Last verified
- 2026-09-29
Facts are taken from Manzil's published product materials and were last verified on 2026-09-29. Fields the provider does not publish are omitted rather than estimated.
Our take
Manzil's RESP solves a real dilemma for observant families: the federal government pays a 20% match on education savings, but most RESP providers funnel contributions into bond-heavy conventional funds. Here the CESG money - up to $500 a year and $7,200 lifetime per child - compounds tax-deferred inside AAOIFI-screened portfolios managed by Corex Financial, certified by a named three-scholar Shariah board. The wrapper rules are standard: $50,000 lifetime limit per beneficiary, 35-year plan life, contributions returned tax-free if the child chooses a different path. The account is purpose-built for education, so it isn't the right vehicle for general savings, and Canadian fees are unpublished. Best for parents and grandparents who want a child's education fund managed to AAOIFI standards from day one.
Strengths
- Education savings grow tax-deferred with access to government grants
- CESG matches 20% of the first $2,500 each year - up to $7,200 lifetime per child
- Invested in Shariah-compliant portfolios certified to AAOIFI standards
- Available in all 13 Canadian provinces and territories
Watch-outs
- Purpose-built for education costs rather than general-purpose saving
- Limited to Manzil's managed halal portfolio lineup
- Canadian fees aren't published on manzil.co - the posted $48/year + 0.40% pricing applies to the US platform, so confirm CAD pricing at signup
Is the Manzil RESP - Registered Education Savings Plan halal?
The account wrapper is tax treatment, not the investment - what makes it halal is what's inside: Manzil portfolios hold only AAOIFI-screened securities with no bonds, GICs, or interest-bearing instruments, incidental impure income is quantified for purification, and products are certified by Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam). The RESP captures government education grants while keeping the underlying investments halal.
Shariah oversight disclosed by Manzil
Manzil's products are certified by its internal Shariah Supervisory Board, whose governance adheres to AAOIFI standards, with external independent review by Mufti Ebrahim Desai (Darul Iftaa Mahmudiyyah) for home financing. Manzil is Canada's first AAOIFI member and publishes its Shariah compliance certificates in English, French, and Arabic at manzil.co/ca/certifications.
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- $50,000 lifetime contribution limit per beneficiary with no annual cap
- Canada Education Savings Grant matches 20% of the first $2,500 contributed each year - up to $500 annually and $7,200 lifetime per child
- Grant catch-up: contributing $5,000 in one year captures a $1,000 grant
- Plan stays open 35 years; contributions return tax-free if the child skips post-secondary education
- AAOIFI-screened portfolios managed by Corex Financial; CIRO-member custody with CIPF coverage
Cost and terms
Canadian fee schedule not published on manzil.co (crawled 2026-08-05): the platform's pricing page is US-branded ($48/year Core Plan plus 0.40% AUM fee, $0/year Premium at $100K+, for US Managed Portfolios) and no CAD fees appear on the /ca/halal-invest pages; portfolio management is provided through Corex Financial Inc. - confirm Canadian fees at signup
How it compares
Other investing providers we list in Canada, ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Manzil RESP - Registered Education Savings Plan (this page) | Wealth Management | Formal Board | every province | A |
| ShariaPortfolio RESP - Registered Education Savings Plan | Wealth Management | Third-Party Certified | 4 provinces | — |
| Wahed FTSE USA Shariah ETF | Index-based | Third-Party Certified | 10 provinces | B |
| Assad Wealth Management Wealth Management | Wealth Management | No Public Review | 10 provinces | — |
| SPFunds SP Funds S&P World ETF | Index-based | Third-Party Certified | 10 provinces | — |
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- Murabaha Mortgage
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- Manzil Wills - Islamic Will
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- Joint Account (Non-Registered)
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- Manzil Russell Halal USA Broad Market ETF
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- RRIF - Registered Retirement Income Fund
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Where it's available
Manzil lists the RESP - Registered Education Savings Plan as available in every province.
Availability may vary by product and can change; verify with Manzil before applying.
Frequently asked questions
Is the Manzil RESP - Registered Education Savings Plan halal?
The account wrapper is tax treatment, not the investment - what makes it halal is what's inside: Manzil portfolios hold only AAOIFI-screened securities with no bonds, GICs, or interest-bearing instruments, incidental impure income is quantified for purification, and products are certified by Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. Contract structure: Wealth Management. Shariah oversight disclosed by Manzil: Formal Board. HalalWallet reports what the provider documents; we do not certify products.
How does the Manzil RESP - Registered Education Savings Plan work?
Manzil's RESP captures federal education money while keeping the investments halal: the Canada Education Savings Grant matches 20% of the first $2,500 contributed each year - up to $500 annually and $7,200 lifetime per child - with catch-up rules allowing a $1,000 grant on a $5,000 contribution.
What does the Manzil RESP - Registered Education Savings Plan cost?
Canadian fee schedule not published on manzil.co (crawled 2026-08-05): the platform's pricing page is US-branded ($48/year Core Plan plus 0.40% AUM fee, $0/year Premium at $100K+, for US Managed Portfolios) and no CAD fees appear on the /ca/halal-invest pages; portfolio management is provided through Corex Financial Inc. - confirm Canadian fees at signup
Where is the Manzil RESP - Registered Education Savings Plan available?
Manzil lists this product as available in every province. Availability can change and may differ by province; verify directly with Manzil.
What are the alternatives to the Manzil RESP - Registered Education Savings Plan?
In the same category we also list ShariaPortfolio RESP - Registered Education Savings Plan, Wahed FTSE USA Shariah ETF (HalalWallet Index B), Assad Wealth Management Wealth Management. Compare every option side by side on our Halal Investing hub.
When was this Manzil product information last verified?
HalalWallet last verified the Manzil RESP - Registered Education Savings Plan details against Manzil's published materials on 2026-09-29. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-09-29
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