Sign In
Sign In
Individual and Family RESPs
A variety of plans for every lifestyle
Is this Registered Plan right for you?
Right for you if you:
- Need an account to save on a tax deferred basis for a child’s education
- Want to have funds in a RESP that are eligible for Canadian Government and/or select provincial grants/bonds
- Expect to have room to contribute within the yearly limit set by the Canadian Government
May not be right for you if you:
- Do not have available RESP contribution room for the child
Our plans give you a range of options, whether you intend on naming one beneficiary or many.
| Features | Individual Plan | Family Plan |
|---|---|---|
| Number of beneficiaries allowed within plan type | One | Multiple |
| Does the subscriber and beneficiary need to be related? | Beneficiaries do not have to be related to the subscriber. | Beneficiaries must be related by blood or adoption to the subscriber. |
| How long can contributions be made to the plan? | Until December 31st of the 35th year following the year in which the plan was opened. | Contributions to beneficiaries within this plan can only be made before the beneficiary turns 31 years of age. |
| When does the plan have to be closed? | December 31st of the 35th year following the year in which the plan was opened. | December 31st of the 35th year following the year in which the plan was opened. |
| Can eligible beneficiaries replace existing beneficiaries? | Yes, beneficiaries can be replaced at any time within this plan type. | Yes, beneficiaries can be replaced at any time within this plan type-you cannot designate a beneficiary who is 31 or older. |
Need more Info?
Prefer to talk to us?
Call us and let us know
In a Branch
Visit your local Scotiabank branch