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Open a Registered Education Savings Plan and apply for benefits

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Three types of RESP

Any adult can open a Registered Education Savings Plan (RESP) to help save for someone’s education after high school. Adults can open RESPs for:

  • their own child
  • someone else’s child
  • themselves, or another eligible adult

It is very important to choose the right type of RESP. Promoters can help explain different options to find the best choice for various situations.

  • 1. Family plan

    A family plan is an option if you have or plan on having more than 1 child.

    You can name 1 or more children to receive the savings when it is time to pay for their studies after high school. The children must be related to you, either by blood or adoption. They may be your children, stepchildren, grandchildren (including adopted grandchildren), or siblings.

    Under the Income Tax Act, a blood relationship is that of a parent and child (or grandchild or great-grandchild), or that of a brother and sister. Nieces, nephews, aunts, uncles and cousins are not considered blood relatives.

    The advantage of a family plan is that earnings can be shared among the children, and the Canada Education Savings Grant (CESG) may be used by any eligible child named in the RESP, to a maximum of $7,200 per child. The Canada Learning Bond (CLB) can only be paid to eligible children in the plan, up to $2,000 per child. As well, the British Columbia Training and Education Savings Grant (BCTESG) and the Québec Education Savings Incentive (QESI) can be shared among beneficiaries in a family plan.

    For more information, consult the RESP section from the Canada Revenue Agency.

  • 2. Individual (non-family) plan

    This type of plan is an option if you have only 1 child, or if you are not related to the child you are saving for. In this type of plan, only 1 child or beneficiary is named in the RESP, and the beneficiary does not have to be related to you.

    For more information, consult the RESP section from the Canada Revenue Agency.

  • 3. Group plan

    A group plan is for 1 child only, and the child does not have to be related to you. In this type of plan, your savings are combined with those of other people saving for other children, born the same year as yours. How much each child gets depends on how much money is in the group account, and on the number of students of the same age who are in school that year.

    A group plan is an option if you can make regular payments throughout the term of the RESP.

    These plans are provided by group plan dealers. Each group plan is different and has its own rules. As you would with any investment, be sure to read the plan rules carefully.

    Usually, you will be asked to commit to making regular payments into the RESP over a specific period. Fees may apply if you stop these regular payments. Group plans are an option if you prefer to have someone decide how to invest the money for you and, you think the child you are saving for will continue their education after high school.

    Ask your group plan dealer for details.

    For more information, consult the RESP section from the Canada Revenue Agency.

How to open an RESP and apply for benefits

You do not need a bank account to open an RESP.

To open an RESP and apply for benefits, follow these steps:

  1. Get a Social Insurance Number (SIN) for the beneficiary, and get one for yourself if you do not already have one
  2. Choose an RESP promoter that meets your needs
    • Most financial institutions (such as banks and credit unions), as well as certified financial planners and group plan dealers, provide RESPs
    • Ask your promoter before opening your RESP what benefits they offer
      • Most promoters will offer the Canada Learning Bond (CLB) and the additional amounts of the Canada Education Savings Grant (CESG) for low- or middle-income families
      • For more details, please refer to this list of RESP promoters
  3. Open the RESP with your promoter, and name the person you are saving for as the beneficiary
    • You can open an RESP and save for your child, someone else's, yourself, or another adult
    • You may be able to open the RESP and apply online, over the phone, or by mail
  4. Apply for benefits
    • When you open an RESP, your promoter will help you apply for the Canada Learning Bond (CLB), the Canada Education Savings Grant (CESG) and provincial benefits at the same time
  5. Consider making contributions to your RESP
    • You do not need to contribute to receive the CLB
    • You need to make contributions to receive the CESG
  6. Check that benefits are deposited in your account
    • After applying, any benefits that the beneficiary is eligible to receive will be deposited automatically
    • It may take several weeks before receiving the benefits
    • For example, the CESG will be deposited within 6 to 8 weeks of an eligible contribution, once the application has been processed

You are encouraged to open an RESP through a financial institution of your choice to start receiving the CLB as early as possible.

For general enquiries, please call 1-800 O Canada (1-800-622-6232); TTY 1-800-926-9105 or visit a Service Canada office near you.

Where to open an RESP: List of promoters

Note: This list of RESP promoters is a shortened version of a more detailed list.

An RESP can be opened at a bank, an investment firm or a credit union, including, but not limited to the following institutions:

AGF Investments: 1-800-268-8583

ATB Financial: 1-800-332-8383

BMO: 1-877-225-5266

Laurentian Bank: 1-877-225-5266

CST Foundation: 1-877-333-7377

Central 1 Credit Union: 1-800-661-6813

Desjardins: 1-800-224-7737

Embark Student Foundation: 1-800-363-7377; TTY 1-877-694-7944

Fidelity Investments Canada ULC: 1-800-263-4077; TTY 1-800-855-0511

Franklin Templeton Investments: 1-800-387-0830

iA Financial Group: 1-844-442-4636

Invesco: 1-800-874-6275

RBC: 1-877-674-1502

Scotiabank: 1-800-472-6842

SunLife: 1-877-344-1434

TD Canada Trust: 1-888-568-0951

UNI Financial Cooperative: 1-866-993-9095

Wealthsimple: 1-855-255-9038

Questions to ask your financial institution

Consider talking to more than 1 RESP promoter and take the time to choose a promoter that meets your needs and offers the benefits the beneficiary may be eligible for. The promoter will then help you choose the right RESP, advise you on making investments, administer your RESP and provide the money when the beneficiary is ready for post-secondary school. A local community organization or other financial advisors could also help you understand options for an RESP.

Some promoters may charge service fees or set limits on how often you can contribute. Before you open an RESP, ask them to explain all the fees, limits, penalties, payment options and all other requirements.

It is also important to ask about the types of plans your promoter offers, and the related benefits and costs. Investment options will also vary. Promoters may invest RESP funds in mutual funds, stocks, guaranteed investment certificates, term deposits or savings accounts. These options carry different risks and rates of return.

Finally, you may consider asking the RESP promoter to give you all information in writing. If you don’t understand something, ask the promoter to explain before you sign anything.

Definitions

"Promoter" definition

The promoter is the financial organization where you open the RESP. The promoter administers all amounts contributed into the RESP and releases money from the RESP to the beneficiary when it is needed for eligible expenses for education after high school.

"Subscriber" definition

The subscriber is the person who opens the RESP with a promoter. Anyone can be a subscriber and open an RESP for a child. This includes parents, guardians, grandparents, other relatives, and friends. The subscriber can also choose to make contributions. Contributions to the RESP are not needed to receive the CLB, but are needed to receive the CESG.

"Beneficiary" definition

The beneficiary is the person (usually a child) who will get money from the RESP to pay for their education after high school, as long as the school and program are eligible.

  • The beneficiary can be a child or an adult
  • The beneficiary can be the same person as the subscriber, if an adult opens an RESP for themselves
  • Depending on the plan type, there can be more than one beneficiary for each RESP

"Adjusted family income" definition

The adjusted family income is the amount used, in part, to determine eligibility for the CLB and the amount of the CESG. Adjusted family income is the primary caregiver's, and their spouse/common-law partner's pre-taxed income (line 23600 of the income tax return), minus any Canada Child Benefit (CCB) and Registered Disability Savings Plan (RDSP) income received. If you repaid any CCB or RDSP income in a given year, you can add that amount is added back into your adjusted family income.

How to calculate adjusted family income

Primary caregiver's yearly pre-taxed income

Plus spouse or common-law partner's yearly pre-taxed income, if applicable

Minus CCB and RDSP income received

Plus CCB and RDSP income repaid to the Government

Equals adjusted family income

"Primary caregiver" definition

This is the person who is eligible to receive the Canada Child Benefit in the child's name. The signature and Social Insurance Number of the primary caregiver or of their cohabiting spouse or common-law partner , are required when requesting certain benefits.

The primary caregiver may also be a public institution: A child care department, agency, institution or organization eligible to receive payments under the Children’s Special Allowances Act, for the child, for at least 1 month of the benefit year. To request the CESG and the CLB, the public primary caregiver must provide their Business Number (BN).

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2025-09-22