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.|