September 26, 2021
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Individual vs. Family RESP
3 min readThere are two main types of RESP – and which one you choose often depends on your relationship to the beneficiary:
- An Individual RESP can be opened by anyone for anyone.
- A Family RESP can be opened by parents or grandparents of the children and can be withdrawn in the name of any beneficiary named to the plan.
Key differences
INDIVIDUAL RESP | FAMILY RESP |
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Contributions:
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Contributions:
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Recommended for:
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Recommended for:
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* A subscriber is the person opening an RESP and making contributions on behalf of a beneficiary. **Additional Canada Education Savings Grant (CESG), British Columbia Training and Education Savings Grant (BCTESG), Quebec Education Savings Incentive Increase (QESI Increase) and Saskatchewan Advantage Grant for Education Savings (SAGES) can only be paid if all beneficiaries of the Family RESP are siblings. While the Canada Learning Bond (CLB) can be paid into a sibling-only Family plan, unlike the other plans mentioned above, the CLB cannot be shared among siblings.
Ask your financial advisor today about how to get started with education savings, or visit AGF.com/RESP.
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September 26, 2021