What do I need to do to open an RESP?
It’s simple! Just follow these 2 simple steps:
- Obtain a Social Insurance Number (SIN). You must have one for your child to open the RESP. There's no fee. However, certain documents, such as a birth certificate or permanent resident card, are required.
- Choose an RESP provider that best suits your needs. RESP providers include most financial institutions (such as banks or credit unions group plan dealers, and certified financial planners). Shop around to find the RESP that best suits your needs.
- Who can be a RESP subscriber?
- Who can be a RESP beneficiary?
- What is a Registered Education Savings Plan (RESP)?
- When should I open an RESP?
- Why should I open a Registered Education Savings Plan (RESP)?
- Who can open an RESP?
- Do I need to deposit a minimum amount of money into an RESP?
- Where can I open an RESP?
- Do I need to have a bank account to open an RESP?
- How much can I put into an RESP?
- Can I open an RESP for myself?
- How is an RESP taxed (assuming the child continues education after high school)?
- Can more than one RESP be opened for a child?
- How often do I have to put money into an RESP?
- Can a minor be a subscriber?
- Does the financial institution (the promoter) administering the RESP have to keep track of the beneficiary's age for all the age-related rules?
- For RESP investments, are there any restrictions on foreign content?
- Can an estate establish an RESP?
- Can a spouse and former spouse be a joint subscriber under an RESP?
- Can the subscriber be changed under an RESP?
- Does a subscriber need to be a resident of Canada?
- Can a minor child be a subscriber in a plan for his/her parents?
- Can godparents or family friends contribute to an RESP for a child?
- How many plans can be established for one beneficiary?
- Can a subscriber also be a beneficiary under a particular plan?
- Who can be a beneficiary in a non-family plan?
- Can a person with a mental or physical disability become a beneficiary under an RESP?
- What does blood relationship mean?
- Is an adopted child related to his grandparents?
- Can the beneficiary be changed or replaced?
- What happens if the beneficiary does not go to post-secondary school?
- Do contributions to an RESP include insurance premiums, or administration or trustee fees?
- Is it possible to assign RESP contributions or to use them as collateral for a loan?
- What are the consequences of over-contributing to an RESP?
- Do the contributions belong to the subscriber or to the beneficiary?
- Are contributions to a Family RESP plan required to be allocated to specific beneficiaries?
- How long can contributions be made to an RESP?
- The expenses related to my child's post-secondary education for the first 13 weeks amounted to $4,500. Can we ask for the $5,000 permitted for the first Educational Assistance Payments (EAP)?
- What documentation should a promoter get from a beneficiary before making an Educational Assistance Payments (EAP)?
- Who determines the reasonableness of an expense? What if the subscriber and the financial institution disagree on a specific expense?
- Can an Educational Assistance Payment (EAP) be paid to a beneficiary for fees from a previous semester if he/she is no longer enrolled in school?
- Is there a maximum amount a beneficiary can receive as an EAP? What is considered reasonable?
- Is it possible to transfer assets from an RESP to an RRSP?
- A subscriber is entitled to an Accumulated Income Payment (AIP) and wants to contribute that amount to their RRSP. However, the subscriber does not have enough accumulated RRSP room. Could they add his spouse to his RESP before termination?
- When does an RESP have to terminate?
- Where can I find out more about RESPs?
- Can a minor be a subscriber?
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