Types of RESPs

There are two types of RESPs you can set up - an Individual Plan or a Family Plan.

Individual Plan

With an Individual Plan, only one person can be designated as the beneficiary.

This individual does not have to be related to the subscriber.

Family Plan

With a Family Plan, more than one person can be designated as a beneficiary in the same plan, as long as they are related to the subscriber by blood or adoption relationship.

A blood or adoption relationship includes: son, daughter, brother, sister, or grandchild.

One advantage of a Family Plan is the flexibility it offers. When you are ready to withdraw funds from the plan, the funds do not have to be shared equally among the beneficiaries.