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 31^st of the 35^th year following the year in which the plan was opened
• Contributions may be made for a beneficiary until he or she turns 31. Contributions may be made up to the end of the 31^st year after the year in which the plan was opened provided the beneficiary has not turned 31
• 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• If the beneficiary is age 18 or older, your contributions will continue to grow, tax-deferred, until it is withdrawn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 31^st of the 35^th year following the year in which the plan was opened *
• Contributions may be made up to the end of the 31^st year after the year in which the plan was opened, regardless of the age of the beneficiary *
• 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• If the beneficiary is age 18 or older, your contributions will continue to grow tax-deferred until it is withdrawn

* If the beneficiary on an Individual RESP is eligible for the Disability Tax Credit (DTC) as per the Income Tax Act, contributions may be made up to the end of the 35^th year after the year in which the plan was opened. The plan may remain open until December 31^st of the 40^th year following the year in which the plan was opened.