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Anyone who is a Canadian resident and has a valid SIN can open an RESP for an eligible beneficiary.

Family RESPs may only be opened by a parent, grandparent or sibling of the beneficiary(ies).

Individual RESPs can be opened by parents, grandparents, godparents, friends, or the individual themself.

• A valid social insurance number (SIN) for both you and each child you’re saving for*
• A Government-issued ID
• Personal information for you and your child(ren)

Depending on your relationship with the student, you may either be eligible to open a family or individual registered education savings plan for them.

See what the difference between the two types of plans are.

*A valid SIN is needed for both the subscribers and beneficiaries in order to register your RESP with the Canada Revenue Agency (CRA) for tax exemption and to attract government grants.

The earlier you start saving in your RESP, and the more consistently you contribute, the more the investment income on your principal, grants and earnings will compound over time. This means you’ll typically have more to withdraw.

Even if you’re starting to save later in life, the most important step is to take the leap and start saving. Your savings will grow and compound over time, giving your child money to put towards their education.

When you contribute towards your RESP, we will invest each child’s savings according to their age and time to graduation, so you can just set it and forget it.

Each child’s investments will focus on growth (higher equity focus) when they are young. As your child ages, the investment mix will shift, becoming increasingly conservative over time (more fixed income focus) to preserve your savings as they near post-secondary school.

At the end of the year that they turn 17, and are no longer eligible for grants, we will shift their savings into a capital preservation fund.