Individual and Family Plans

Family RESP

• Subscriber can name one or more beneficiaries
• Each beneficiary must be a blood relation or adopted, and under age 21 when named as a beneficiary
• You can save for all your children in one plan
• Plans can remain open until December 31st of the 25th year following the year the plan was opened
• Contributions may be made for a beneficiary only until he or she turns 21
• Your contributions may be eligible for the Canada Educations Savings Grant (CESG)
• For every dollar you put into your RESP, the government will contribute an additional 20% CESG, to a yearly maximum of $500 per beneficiary
• The last day contributions may be eligible to receive CESG is December 31st of the calendar year in which the beneficiary turns 17
• If the beneficiary is age 18 or older, your contributions will continue to grow, tax-deferred, until it is withdrawn

Individual RESP

• Subscriber can name only one beneficiary
• Beneficiary can be anyone - including yourself - with no age or relationship restrictions
• Contributions may be made regardless of the age of the beneficiary
• Plans can remain open until December 31st of the 25th year following the year the plan was opened
• Your contributions may be eligible for the Canada Educations Savings Grant (CESG)
• For every dollar you put into your RESP, the government will contribute an additional 20% CESG, to a yearly maximum of $500 per beneficiary
• The last day contributions may be eligible to receive CESG is December 31st of the calendar year in which the beneficiary turns 17
• If the beneficiary is age 18 or older, your contributions will continue to grow tax-deferred until it is withdrawn