RESP plan options

What are my options?

Do you have one, two or more children? This will help determine whether you take out an individual or family plan. 

Family plan

A Family Plan can have multiple beneficiaries. All beneficiaries must be related to the subscriber by blood or adoption and must be 21 years old or younger when named as a beneficiary. If any beneficiary in a family plan does not pursue post-secondary education, the remaining beneficiaries may use those funds for their educational purposes. Therefore, the income and grant for the beneficiary not attending post-secondary school will not be lost. This is the major advantage of the family plan.

Single plan (non-family)

Although the Single Plan can only have one beneficiary, its major advantage is that it can be changed without restrictions. Anyone can open a single plan for any beneficiary - even for him/herself. The beneficiary can also be over 21 years old at the time the single plan is opened.
 

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