We offer both Family and Individual RESPs. If you and your beneficiaries are related, we'll automatically open a Family RESP account for you. If you're not related to your beneficiary, we'll automatically open an Individual RESP account for you. So, what's the difference?
If you have more than one child (or plan to), a family plan can be a good option. You can name one or more children as beneficiaries, and add or change beneficiaries anytime. If one of your kids decides not to attend a post-secondary institution, the money can be used for your other children's education.
With a family plan, all the beneficiaries have to be related to you. They can include children, adopted children, grandchildren, and siblings.
An individual plan is for one beneficiary only. If you want to set up an RESP for someone who isn't related to you, it’s the only choice. The beneficiary can be anyone, including you. There are no age or relationship restrictions.
If you need help or have any questions, create a request for our Relationship Manager team. Please note that the RESP account opening and transfer processes are not available on the mobile application just yet - we need a little more information to open and transfer an RESP than we do for a TFSA or RRSP and so it needs to be done from a web browser.