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 benficiaries 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.

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