Account Types

RESP Accounts

Save for your child’s education in a tax-advantaged way with a Registered Education Savings Plan.

Self-directed RESPs allows you to hold many different types of investments in one account. Government grants are paid directly to the account. Contributions can be made in lump sums or set up as systematic deposits.

Depending on your relationship to the beneficiary, there are two types of RESPs you can set up:

Individual RESP

One person is the beneficiary and they do not have to be related to the subscriber.

These plans can only have one beneficiary. There are no restrictions on who can be a beneficiary under these plans. This means that anyone can be the beneficiary of a non-family plan. The subscriber is free to decide when and how much he wants to contribute. The subscriber can also decide to take a break in contributions at any time.

Family RESP

There can be more than one beneficiary as long as they are all related to the subscriber by blood relationship. A blood relationship includes: son, daughter, brother, sister, grandchild or adoption.

These plans can have one or more beneficiaries. However, each beneficiary must be connected by blood or adoption to each living subscriber under the plan or have been connected to a deceased original subscriber. Subscribers are free to decide when and how much they want to contribute. The subscriber can also decide to take a break in contributions at any time.

Option trading feature, Put options and Call Options, can be added to a registered account when applying for the account.

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