{"id":365,"date":"2024-01-13T19:51:01","date_gmt":"2024-01-14T00:51:01","guid":{"rendered":"https:\/\/wordpress.dockhost.synology.me\/?page_id=365"},"modified":"2025-08-13T14:29:02","modified_gmt":"2025-08-13T18:29:02","slug":"resp-basics","status":"publish","type":"page","link":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/resp-basics\/","title":{"rendered":"RESP Basics"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"365\" class=\"elementor elementor-365\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fca7662 e-con-full e-flex e-con e-parent\" data-id=\"fca7662\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-dd4f8c5 elementor-widget elementor-widget-heading\" data-id=\"dd4f8c5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">RESP Basics<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-25beefa e-con-full e-flex e-con e-parent\" data-id=\"25beefa\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b5213e6 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"b5213e6\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0114dc5 e-con-full e-flex e-con e-parent\" data-id=\"0114dc5\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8f8a45a elementor-widget elementor-widget-image\" data-id=\"8f8a45a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"630\" height=\"339\" src=\"https:\/\/wordpress.dockhost.synology.me\/wp-content\/uploads\/2024\/01\/diagram-RESP-Basics-en.jpg\" class=\"attachment-full size-full wp-image-939\" alt=\"\" srcset=\"https:\/\/wordpress.dockhost.synology.me\/wp-content\/uploads\/2024\/01\/diagram-RESP-Basics-en.jpg 630w, https:\/\/wordpress.dockhost.synology.me\/wp-content\/uploads\/2024\/01\/diagram-RESP-Basics-en-300x161.jpg 300w\" sizes=\"(max-width: 630px) 100vw, 630px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2457bb elementor-widget elementor-widget-eael-adv-tabs\" data-id=\"b2457bb\" data-element_type=\"widget\" data-widget_type=\"eael-adv-tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div data-scroll-on-click=\"no\" data-scroll-speed=\"300\" id=\"eael-advance-tabs-b2457bb\" class=\"eael-advance-tabs eael-tabs-horizontal eael-tab-auto-active eael-tab-toggle\" data-tabid=\"b2457bb\">\n            <div class=\"eael-tabs-nav\">\n                <ul class=\"eael-tab-inline-icon\" role=\"tablist\">\n                                            <li id=\"how-an-resp-works\" class=\"inactive eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"how-an-resp-works-tab\" aria-expanded=\"false\">\n                            \n                                                                <svg class=\"e-font-icon-svg e-fas-book-reader\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M352 96c0-53.02-42.98-96-96-96s-96 42.98-96 96 42.98 96 96 96 96-42.98 96-96zM233.59 241.1c-59.33-36.32-155.43-46.3-203.79-49.05C13.55 191.13 0 203.51 0 219.14v222.8c0 14.33 11.59 26.28 26.49 27.05 43.66 2.29 131.99 10.68 193.04 41.43 9.37 4.72 20.48-1.71 20.48-11.87V252.56c-.01-4.67-2.32-8.95-6.42-11.46zm248.61-49.05c-48.35 2.74-144.46 12.73-203.78 49.05-4.1 2.51-6.41 6.96-6.41 11.63v245.79c0 10.19 11.14 16.63 20.54 11.9 61.04-30.72 149.32-39.11 192.97-41.4 14.9-.78 26.49-12.73 26.49-27.06V219.14c-.01-15.63-13.56-28.01-29.81-27.09z\"><\/path><\/svg>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >How an RESP Works<\/span>                            \n                                                    <\/li>\n                                            <li id=\"type-of-resps\" class=\"inactive eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"type-of-resps-tab\" aria-expanded=\"false\">\n                            \n                                                                <svg class=\"e-font-icon-svg e-fas-list\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M80 368H16a16 16 0 0 0-16 16v64a16 16 0 0 0 16 16h64a16 16 0 0 0 16-16v-64a16 16 0 0 0-16-16zm0-320H16A16 16 0 0 0 0 64v64a16 16 0 0 0 16 16h64a16 16 0 0 0 16-16V64a16 16 0 0 0-16-16zm0 160H16a16 16 0 0 0-16 16v64a16 16 0 0 0 16 16h64a16 16 0 0 0 16-16v-64a16 16 0 0 0-16-16zm416 176H176a16 16 0 0 0-16 16v32a16 16 0 0 0 16 16h320a16 16 0 0 0 16-16v-32a16 16 0 0 0-16-16zm0-320H176a16 16 0 0 0-16 16v32a16 16 0 0 0 16 16h320a16 16 0 0 0 16-16V80a16 16 0 0 0-16-16zm0 160H176a16 16 0 0 0-16 16v32a16 16 0 0 0 16 16h320a16 16 0 0 0 16-16v-32a16 16 0 0 0-16-16z\"><\/path><\/svg>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Type of RESPs<\/span>                            \n                                                    <\/li>\n                                            <li id=\"investments\" class=\"inactive eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"investments-tab\" aria-expanded=\"false\">\n                            \n                                                                <svg class=\"e-font-icon-svg e-fas-donate\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 416c114.9 0 208-93.1 208-208S370.9 0 256 0 48 93.1 48 208s93.1 208 208 208zM233.8 97.4V80.6c0-9.2 7.4-16.6 16.6-16.6h11.1c9.2 0 16.6 7.4 16.6 16.6v17c15.5.8 30.5 6.1 43 15.4 5.6 4.1 6.2 12.3 1.2 17.1L306 145.6c-3.8 3.7-9.5 3.8-14 1-5.4-3.4-11.4-5.1-17.8-5.1h-38.9c-9 0-16.3 8.2-16.3 18.3 0 8.2 5 15.5 12.1 17.6l62.3 18.7c25.7 7.7 43.7 32.4 43.7 60.1 0 34-26.4 61.5-59.1 62.4v16.8c0 9.2-7.4 16.6-16.6 16.6h-11.1c-9.2 0-16.6-7.4-16.6-16.6v-17c-15.5-.8-30.5-6.1-43-15.4-5.6-4.1-6.2-12.3-1.2-17.1l16.3-15.5c3.8-3.7 9.5-3.8 14-1 5.4 3.4 11.4 5.1 17.8 5.1h38.9c9 0 16.3-8.2 16.3-18.3 0-8.2-5-15.5-12.1-17.6l-62.3-18.7c-25.7-7.7-43.7-32.4-43.7-60.1.1-34 26.4-61.5 59.1-62.4zM480 352h-32.5c-19.6 26-44.6 47.7-73 64h63.8c5.3 0 9.6 3.6 9.6 8v16c0 4.4-4.3 8-9.6 8H73.6c-5.3 0-9.6-3.6-9.6-8v-16c0-4.4 4.3-8 9.6-8h63.8c-28.4-16.3-53.3-38-73-64H32c-17.7 0-32 14.3-32 32v96c0 17.7 14.3 32 32 32h448c17.7 0 32-14.3 32-32v-96c0-17.7-14.3-32-32-32z\"><\/path><\/svg>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Investments<\/span>                            \n                                                    <\/li>\n                                            <li id=\"costs-and-fees\" class=\"inactive eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"costs-and-fees-tab\" aria-expanded=\"false\">\n                            \n                                                                <svg class=\"e-font-icon-svg e-fas-dollar-sign\" viewBox=\"0 0 288 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M209.2 233.4l-108-31.6C88.7 198.2 80 186.5 80 173.5c0-16.3 13.2-29.5 29.5-29.5h66.3c12.2 0 24.2 3.7 34.2 10.5 6.1 4.1 14.3 3.1 19.5-2l34.8-34c7.1-6.9 6.1-18.4-1.8-24.5C238 74.8 207.4 64.1 176 64V16c0-8.8-7.2-16-16-16h-32c-8.8 0-16 7.2-16 16v48h-2.5C45.8 64-5.4 118.7.5 183.6c4.2 46.1 39.4 83.6 83.8 96.6l102.5 30c12.5 3.7 21.2 15.3 21.2 28.3 0 16.3-13.2 29.5-29.5 29.5h-66.3C100 368 88 364.3 78 357.5c-6.1-4.1-14.3-3.1-19.5 2l-34.8 34c-7.1 6.9-6.1 18.4 1.8 24.5 24.5 19.2 55.1 29.9 86.5 30v48c0 8.8 7.2 16 16 16h32c8.8 0 16-7.2 16-16v-48.2c46.6-.9 90.3-28.6 105.7-72.7 21.5-61.6-14.6-124.8-72.5-141.7z\"><\/path><\/svg>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Costs and Fees<\/span>                            \n                                                    <\/li>\n                                    <\/ul>\n            <\/div>\n            \n            <div class=\"eael-tabs-content\">\n\t\t        \n                    <div id=\"how-an-resp-works-tab\" class=\"clearfix eael-tab-content-item inactive\" data-title-link=\"how-an-resp-works-tab\">\n\t\t\t\t        <style>.elementor-33 .elementor-element.elementor-element-2a04bc6c{--display:flex;}.elementor-33 .elementor-element.elementor-element-b249721{--display:flex;--flex-direction:column;--container-widget-width:100%;--container-widget-height:initial;--container-widget-flex-grow:0;--container-widget-align-self:initial;--flex-wrap-mobile:wrap;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header .eael-accordion-tab-title{line-height:1.25px;color:#333;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon{font-size:16px;margin-left:10px;color:#333;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-accordion-icon{height:16px;width:16px;line-height:16px;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list{margin-bottom:10px;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon-svg svg{color:#333;fill:#333;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg{fill:#333;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .eael-accordion-tab-title{color:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon{color:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover svg.fa-accordion-icon{fill:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active{color:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .eael-accordion-tab-title{color:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon{color:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-accordion-icon{fill:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-content{color:#333;border-style:none;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle, .elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header > .fa-toggle-svg{font-size:16px;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-toggle{height:16px;width:16px;line-height:16px;fill:#444;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle{color:#444;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle svg{color:#444;fill:#444;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle{color:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle svg{color:#fff;fill:#fff;}.elementor-33 .elementor-element.elementor-element-1879609f .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-toggle{fill:#fff;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"33\" class=\"elementor elementor-33\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2a04bc6c e-flex e-con-boxed e-con e-parent\" data-id=\"2a04bc6c\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2a492336 elementor-widget elementor-widget-heading\" data-id=\"2a492336\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">How an RESP works<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34e59a2e elementor-widget elementor-widget-text-editor\" data-id=\"34e59a2e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Here is an overview of how an RESP generally works:<\/p><ol><li>A <strong>subscriber<\/strong> enters into an RESP contract with the <strong>promoter<\/strong> and names one or more <strong>beneficiaries<\/strong> under the plan.<\/li><li>The subscriber makes contributions to the RESP. Government grants (if applicable) will be paid to the RESP.<\/li><li>The promoter of the RESP administers all amounts paid into the RESP. The promoter also makes sure payments from the RESP are made according to the terms of the RESP.<\/li><li>The promoter can return the subscriber&#8217;s contributions.<\/li><li>The promoter can make payments to the beneficiary to help finance their post-secondary education.<\/li><li>The promoter can make accumulated income payments.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b249721 e-flex e-con-boxed e-con e-parent\" data-id=\"b249721\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1879609f elementor-widget elementor-widget-eael-adv-accordion\" data-id=\"1879609f\" data-element_type=\"widget\" data-widget_type=\"eael-adv-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"eael-adv-accordion\" id=\"eael-adv-accordion-1879609f\" data-scroll-on-click=\"no\" data-scroll-speed=\"300\" data-accordion-id=\"1879609f\" data-accordion-type=\"accordion\" data-toogle-speed=\"300\">\n    <div class=\"eael-accordion-list\">\n                <div id=\"subscriber\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"1\" aria-controls=\"elementor-tab-content-4101\"><span class=\"eael-accordion-tab-title\">Subscriber<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-4101\" class=\"eael-accordion-content clearfix\" data-tab=\"1\" aria-labelledby=\"subscriber\"><style>.elementor-29 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svg.fa-accordion-icon{fill:#fff;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active{color:#fff;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .eael-accordion-tab-title{color:#fff;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon{color:#fff;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-accordion-icon{fill:#fff;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-content{color:#333;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle, .elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header > .fa-toggle-svg{font-size:16px;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-toggle{height:16px;width:16px;line-height:16px;fill:#444;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle{color:#444;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle svg{color:#444;fill:#444;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle{color:#fff;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle svg{color:#fff;fill:#fff;}.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-toggle{fill:#fff;}@media(max-width:767px){.elementor-29 .elementor-element.elementor-element-5446125c .eael-adv-accordion .eael-accordion-list .eael-accordion-header .eael-accordion-tab-title{line-height:1.25em;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"29\" class=\"elementor elementor-29\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3a8de33a e-flex e-con-boxed e-con e-parent\" data-id=\"3a8de33a\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-28988b16 elementor-widget elementor-widget-text-editor\" data-id=\"28988b16\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The subscriber is the individual who sets up the RESP, names one or more beneficiaries, and makes contributions to it. Generally, the subscriber of the plan cannot be changed after the plan has been set up.<\/p><p>You can change a subscriber by way of plan transfer. For example, where the grandparents have opened the original plan and wish to transfer the ownership to the parents of the beneficiaries.<\/p><p>The subscriber is responsible for making sure that the contribution limits are not exceeded. Control of the contributions remains with the subscriber. However, contributions may be paid to the beneficiary by or on behalf of the subscriber.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2cf7e194 e-flex e-con-boxed e-con e-parent\" data-id=\"2cf7e194\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5446125c elementor-widget elementor-widget-eael-adv-accordion\" data-id=\"5446125c\" data-element_type=\"widget\" data-widget_type=\"eael-adv-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"eael-adv-accordion\" id=\"eael-adv-accordion-5446125c\" data-scroll-on-click=\"no\" data-scroll-speed=\"300\" data-accordion-id=\"5446125c\" data-accordion-type=\"accordion\" data-toogle-speed=\"300\">\n    <div class=\"eael-accordion-list\">\n                <div id=\"eligibility\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"1\" aria-controls=\"elementor-tab-content-1411\"><span class=\"eael-accordion-tab-title\">Eligibility<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-1411\" class=\"eael-accordion-content clearfix\" data-tab=\"1\" aria-labelledby=\"eligibility\"><style>.elementor-1322 .elementor-element.elementor-element-b150997{--display:flex;}.elementor-1322 .elementor-element.elementor-element-dc35fa0{--spacer-size:0px;}.elementor-1322 .elementor-element.elementor-element-22d7b32{font-size:14px;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"1322\" class=\"elementor elementor-1322\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b150997 e-flex e-con-boxed e-con e-parent\" data-id=\"b150997\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6ab6a29 elementor-widget elementor-widget-text-editor\" data-id=\"6ab6a29\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A subscriber must be an individual; corporations and trusts are not allowed to be a subscriber (unless the trust is the estate of a deceased subscriber).\u00a0 All subscribers of an RESP must provide their SIN to the promoter before the plan can be registered as an RESP.\n<ul>\n \t<li>You can be a single subscriber.<\/li>\n \t<li>You and your current or former spouse or common-law partner can be joint subscribers.<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a><\/li>\n \t<li>A public primary caregiver of a beneficiary may also be a subscriber. A public primary caregiver may be the department, agency, or institution that cares for the beneficiary; or the public trustee or public curator of the province in which the beneficiary resides.<\/li>\n<\/ul><\/p>\n<p>For an individual plan, there are no restrictions on who can be the original subscriber under an RESP. Anyone (parents, grandparents, or other relatives and friends) of any age can open an RESP and name a beneficiary. You can even set up an RESP for yourself.\n\nFor a family plan, the subscriber must be connected by blood or adoption to all plan beneficiaries.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22d7b32 elementor-widget elementor-widget-text-editor\" data-id=\"22d7b32\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"#_ftnref1\" name=\"_ftn1\"><sup>[1]<\/sup><\/a> Current or former spouses (divorced or separated) can open a RESP account as joint subscribers. The latter option was introduced as part of the 2023 Federal Budget.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n                <\/div><div class=\"eael-accordion-list\">\n                <div id=\"changing-or-replacing-subscriber\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"2\" aria-controls=\"elementor-tab-content-1412\"><span class=\"eael-accordion-tab-title\">Changing or replacing subscriber<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-1412\" class=\"eael-accordion-content clearfix\" data-tab=\"2\" aria-labelledby=\"changing-or-replacing-subscriber\"><p>Changes to the subscriber are allowed in the following situations:<\/p><ul><li>A former spouse or common-law partner can become a subscriber based on a court order or written agreement for dividing property after a breakdown of the relationship.<\/li><li>Another individual or another public primary caregiver who has, under a written agreement, acquired a public primary caregiver\u2019s rights may become a subscriber.<\/li><li>If there are joint subscribers, the survivor would continue as the subscriber of the RESP. An individual can be named as successor subscriber and will become the subscriber after the death of the last surviving subscriber. Otherwise, the executors of the subscriber\u2019s estate may assume this responsibility.<\/li><\/ul><p>You will need to check the terms and conditions of your RESP for changes that are allowed under the terms of the plan.<\/p><\/div>\n                <\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n                <\/div><div class=\"eael-accordion-list\">\n                <div id=\"promoter\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"2\" aria-controls=\"elementor-tab-content-4102\"><span class=\"eael-accordion-tab-title\">Promoter<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-4102\" class=\"eael-accordion-content clearfix\" data-tab=\"2\" aria-labelledby=\"promoter\"><p>The promoter is the person or organization that offers the education savings plan (ESP) and applies to CRA for registration as an RESP at the request of the subscriber.<\/p><p>The promoter arranges to hold the funds with a trust company licensed in Canada.<\/p><p>The promoter administers all amounts paid into the RESP to pay EAPs to or for one or more plan beneficiaries.<\/p><\/div>\n                <\/div><div class=\"eael-accordion-list\">\n                <div id=\"beneficiary\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"3\" aria-controls=\"elementor-tab-content-4103\"><span class=\"eael-accordion-tab-title\">Beneficiary<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-4103\" class=\"eael-accordion-content clearfix\" data-tab=\"3\" aria-labelledby=\"beneficiary\"><style>.elementor-31 .elementor-element.elementor-element-5f926839{--display:flex;}.elementor-31 .elementor-element.elementor-element-526fe3b7{--display:flex;--flex-direction:column;--container-widget-width:100%;--container-widget-height:initial;--container-widget-flex-grow:0;--container-widget-align-self:initial;--flex-wrap-mobile:wrap;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .eael-accordion-tab-title{line-height:1.25px;color:#333;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon{font-size:16px;margin-left:10px;color:#333;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-accordion-icon{height:16px;width:16px;line-height:16px;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list{margin-bottom:10px;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon-svg svg{color:#333;fill:#333;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg{fill:#333;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .eael-accordion-tab-title{color:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon{color:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover svg.fa-accordion-icon{fill:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active{color:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .eael-accordion-tab-title{color:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon{color:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-accordion-icon{fill:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-content{color:#333;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle, .elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header > .fa-toggle-svg{font-size:16px;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-toggle{height:16px;width:16px;line-height:16px;fill:#444;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle{color:#444;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle svg{color:#444;fill:#444;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle{color:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle svg{color:#fff;fill:#fff;}.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-toggle{fill:#fff;}@media(max-width:767px){.elementor-31 .elementor-element.elementor-element-21657278 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .eael-accordion-tab-title{line-height:1.25em;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"31\" class=\"elementor elementor-31\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5f926839 e-flex e-con-boxed e-con e-parent\" data-id=\"5f926839\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-60dcd5d8 elementor-widget elementor-widget-text-editor\" data-id=\"60dcd5d8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A beneficiary (future student) of an RESP is an individual named by the subscriber and to whom, or on whose behalf, the promoter agrees to make educational assistance payments. There are no limits on the number of plans you can establish for a beneficiary, or the number of RESPs a beneficiary may have. However, the annual and lifetime contribution limits are per beneficiary and not per RESP account.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-526fe3b7 e-flex e-con-boxed e-con e-parent\" data-id=\"526fe3b7\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-21657278 elementor-widget elementor-widget-eael-adv-accordion\" data-id=\"21657278\" data-element_type=\"widget\" data-widget_type=\"eael-adv-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"eael-adv-accordion\" id=\"eael-adv-accordion-21657278\" data-scroll-on-click=\"no\" data-scroll-speed=\"300\" data-accordion-id=\"21657278\" data-accordion-type=\"accordion\" data-toogle-speed=\"300\">\n    <div class=\"eael-accordion-list\">\n                <div id=\"eligibility\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"1\" aria-controls=\"elementor-tab-content-5601\"><span class=\"eael-accordion-tab-title\">Eligibility<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-5601\" class=\"eael-accordion-content clearfix\" data-tab=\"1\" aria-labelledby=\"eligibility\"><style>.elementor-1298 .elementor-element.elementor-element-aab7592{--display:flex;}.elementor-1298 .elementor-element.elementor-element-4467c93{--spacer-size:0px;}.elementor-1298 .elementor-element.elementor-element-e6bd7d6{font-size:14px;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"1298\" class=\"elementor elementor-1298\">\n\t\t\t\t<div class=\"elementor-element elementor-element-aab7592 e-flex e-con-boxed e-con e-parent\" data-id=\"aab7592\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-87231e7 elementor-widget elementor-widget-text-editor\" data-id=\"87231e7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A beneficiary must have a SIN and be resident in Canada when the designation is made.<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a> Contributions can be made only for beneficiaries who are resident in Canada, and only resident beneficiaries are eligible for the government incentives.<\/p><p>In an individual plan, there is no restriction on who can be the beneficiary. Only one beneficiary is allowed and there is no age restriction. You can be the beneficiary of your own RESP.<\/p><p>In a family plan, there can be one or more beneficiaries and each beneficiary must meet both of the following conditions:<\/p><ul><li>The beneficiary must be connected by blood relationship or adoption to each living subscriber; or have been similarly connected to a deceased original subscriber.<\/li><li>The beneficiary must not have reached 21 years of age at the time of being named as a beneficiary. When one family plan is transferred to another, a beneficiary who is 21 years of age or older can still be named a beneficiary to the new RESP.<\/li><\/ul><p>Connected by blood or adoption refers to a parent, brother, sister, child, or grandchild of the subscriber. This does not include the subscriber\u2019s nieces, nephews, aunts, uncles, or cousins. Adoption refers to a child adopted legally or in fact. \u00a0Stepchildren are considered to be connected to their stepparent.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e6bd7d6 elementor-widget elementor-widget-text-editor\" data-id=\"e6bd7d6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"#_ftnref1\" name=\"_ftn1\"><sup>[1]<\/sup><\/a> Effective January 1, 2004, an individual cannot be designated as a beneficiary unless the individual\u2019s SIN has been provided to the promoter of the plan and the beneficiary is a resident in Canada. There are exceptions for beneficiaries of RESPs entered into before 1999 and in limited cases, for transfers from another RESP for the same non-resident beneficiary.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n                <\/div><div class=\"eael-accordion-list\">\n                <div id=\"changing-or-replacing-beneficiary\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"2\" aria-controls=\"elementor-tab-content-5602\"><span class=\"eael-accordion-tab-title\">Changing or Replacing Beneficiary<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-5602\" class=\"eael-accordion-content clearfix\" data-tab=\"2\" aria-labelledby=\"changing-or-replacing-beneficiary\"><style>.elementor-1301 .elementor-element.elementor-element-1805a47{--display:flex;}.elementor-1301 .elementor-element.elementor-element-b738812{--spacer-size:0px;}.elementor-1301 .elementor-element.elementor-element-0006a3e{font-size:14px;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"1301\" class=\"elementor elementor-1301\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1805a47 e-flex e-con-boxed e-con e-parent\" data-id=\"1805a47\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bc62870 elementor-widget elementor-widget-text-editor\" data-id=\"bc62870\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>You can name an alternate beneficiary if the terms of the plan allow it. This applies to both individual and family plans. If you have a group plan, check the terms of the plan to find out if you can change beneficiaries or transfer the plan to another beneficiary.<\/p><p>All contributions made to the plan for the previous beneficiary are treated as if they had been made for the new beneficiary on the date they were originally made. This can cause an overcontribution penalty unless:<\/p><ul><li>the new beneficiary is under 21 years old and a sibling of the former beneficiary, or<\/li><li>both beneficiaries are under 21 years old and related to the original subscriber.<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[2]<\/sup><\/a><\/li><\/ul><p>Some government incentives, up to the maximum per beneficiary, may be transferable to a sibling. Otherwise, they are returned to the government if the beneficiary does not pursue an education at a qualifying post-secondary institution.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0006a3e elementor-widget elementor-widget-text-editor\" data-id=\"0006a3e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"#_ftnref1\" name=\"_ftn1\"><sup>[2]<\/sup><\/a> The provision permitting the designation of non-related beneficiaries in contracts established prior to July 14, 1990 has been exempted. In this situation, you\u2019ll be able to keep this beneficiary in your plan and contribute for the beneficiary\u2019s post-secondary education but your plan will not be entitled to any CESG.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n                <\/div><div class=\"eael-accordion-list\">\n                <div id=\"death-of-beneficiary\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"3\" aria-controls=\"elementor-tab-content-5603\"><span class=\"eael-accordion-tab-title\">Death of Beneficiary<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-5603\" class=\"eael-accordion-content clearfix\" data-tab=\"3\" aria-labelledby=\"death-of-beneficiary\"><p>For an individual plan, you may be able to name a new beneficiary. For a family plan, the RESP continues with the remaining beneficiaries.<\/p><p>The plan will be terminated if all plan beneficiaries are deceased, and a replacement beneficiary cannot be made.<\/p><\/div>\n                <\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n                <\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t                    <\/div>\n\t\t        \n                    <div id=\"type-of-resps-tab\" class=\"clearfix eael-tab-content-item inactive\" data-title-link=\"type-of-resps-tab\">\n\t\t\t\t        <style>.elementor-25 .elementor-element.elementor-element-4ae7caee{--display:flex;}.elementor-25 .elementor-element.elementor-element-344e30a6{--display:flex;--flex-direction:column;--container-widget-width:100%;--container-widget-height:initial;--container-widget-flex-grow:0;--container-widget-align-self:initial;--flex-wrap-mobile:wrap;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header .eael-accordion-tab-title{line-height:1.25px;color:#333;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon{font-size:16px;margin-left:10px;color:#333;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-accordion-icon{height:16px;width:16px;line-height:16px;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list{margin-bottom:10px;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon-svg svg{color:#333;fill:#333;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg{fill:#333;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .eael-accordion-tab-title{color:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon{color:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover svg.fa-accordion-icon{fill:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active{color:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .eael-accordion-tab-title{color:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon{color:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-accordion-icon{fill:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-content{color:#333;border-style:none;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle, .elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header > .fa-toggle-svg{font-size:16px;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-toggle{height:16px;width:16px;line-height:16px;fill:#444;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle{color:#444;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle svg{color:#444;fill:#444;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle{color:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle svg{color:#fff;fill:#fff;}.elementor-25 .elementor-element.elementor-element-649acc9e .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-toggle{fill:#fff;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"25\" class=\"elementor elementor-25\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ae7caee e-flex e-con-boxed e-con e-parent\" data-id=\"4ae7caee\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6bbca1a6 elementor-widget elementor-widget-heading\" data-id=\"6bbca1a6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Types of RESPs<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e4aee33 elementor-widget elementor-widget-text-editor\" data-id=\"7e4aee33\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>There are three types of registered education savings plans (RESPs) to choose from:\n<ul>\n \t<li>individual plans<\/li>\n \t<li>family plans<\/li>\n \t<li>group plans<\/li>\n<\/ul><\/p>\n<p>The RESP you choose may depend on how many beneficiaries you have, the age of the beneficiaries, and what you want to invest in. Your RESP provider can give you information about specific plans and help you choose the plan that is right for you.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-344e30a6 e-flex e-con-boxed e-con e-parent\" data-id=\"344e30a6\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-649acc9e elementor-widget elementor-widget-eael-adv-accordion\" data-id=\"649acc9e\" data-element_type=\"widget\" data-widget_type=\"eael-adv-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"eael-adv-accordion\" id=\"eael-adv-accordion-649acc9e\" data-scroll-on-click=\"no\" data-scroll-speed=\"300\" data-accordion-id=\"649acc9e\" data-accordion-type=\"accordion\" data-toogle-speed=\"300\">\n    <div class=\"eael-accordion-list\">\n                <div id=\"overview\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"1\" aria-controls=\"elementor-tab-content-1681\"><span class=\"eael-accordion-tab-title\">Overview<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-1681\" class=\"eael-accordion-content clearfix\" data-tab=\"1\" aria-labelledby=\"overview\"><style>.elementor-55 .elementor-element.elementor-element-30fd530{--display:flex;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"55\" class=\"elementor elementor-55\">\n\t\t\t\t<div class=\"elementor-element elementor-element-30fd530 e-flex e-con-boxed e-con e-parent\" data-id=\"30fd530\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-182f8ca elementor-widget elementor-widget-shortcode\" data-id=\"182f8ca\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-tbl-resp-types-summary\" class=\"tablepress tablepress-id-tbl-resp-types-summary tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Criteria<\/th><th class=\"column-2\">Individual Plan<\/th><th class=\"column-3\">Family Plan<\/th><th class=\"column-4\">Group Plan<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>RESP Promoter<\/strong><\/td><td colspan=\"2\" class=\"column-2\">Banks, credit unions, mutual fund companies, investment dealers, insurance companies, and scholarship plan dealers<\/td><td class=\"column-4\">Scholarship or group plan dealers (non-taxable entities such as foundations or non?profit trusts)<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Subscriber<\/strong><\/td><td colspan=\"3\" class=\"column-2\">Can be:<br \/>\n<ul style=\"line-height:100%\"><li>an individual<\/li><br \/>\n<li>an individual and their current or former spouse or common-law partner (joint subscribers)<\/li><br \/>\n<li>a public primary caregiver<\/li><\/ul><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>Beneficiary<\/strong><\/td><td class=\"column-2\">One<\/td><td class=\"column-3\">One or more<br \/>\nMust be related to subscriber by blood or adoption<\/td><td class=\"column-4\">One beneficiary named by subscriber but as part of a plan for many children<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td rowspan=\"2\" class=\"column-1\"><strong>Age of beneficiary<\/strong><\/td><td rowspan=\"2\" class=\"column-2\">No age limitation<\/td><td class=\"column-3\">Under age 21 at the time designated<\/td><td rowspan=\"2\" class=\"column-4\">May be specified by plan<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-3\">Under age 31 at the time of contribution<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><strong>Contributions<\/strong><\/td><td class=\"column-2\">Subscriber decides when and how much to contribute up to the lifetime limit. Promoter may set minimum amount.<\/td><td class=\"column-3\">Subscriber decides when and how much to contribute up to the lifetime limit. Promoter may set minimum amount.<\/td><td class=\"column-4\">Regular contributions determined when you open the plan<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><strong>Time limit for contributions<\/strong><\/td><td class=\"column-2\">Up to 32<sup>nd<\/sup> year of plan<br \/>\n(36<sup>th<\/sup> year for a specified plan)<\/td><td class=\"column-3\">Up to age 31 of each beneficiary<\/td><td class=\"column-4\">Contributions according to the plan schedule<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td rowspan=\"2\" class=\"column-1\"><strong>Payout\/withdrawals<\/strong><\/td><td colspan=\"2\" class=\"column-2\">Contributions: May be returned tax-free to the subscriber at any time or may be paid to or on behalf of a beneficiary to help finance education. However, if the beneficiary is not eligible for an EAP, grants and incentives may need to be returned to the government.<\/td><td class=\"column-4\">Contributions: Usually repaid to the subscriber when beneficiary reaches a certain age.<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td colspan=\"2\" class=\"column-2\">EAPs: Some plans make EAPs on a set schedule, while others let you decide.<\/td><td class=\"column-4\">EAPs: Based on the total number of students of the same age who are in school that year, but government incentives are paid to specific beneficiaries<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\"><strong>Plan closure<\/strong><\/td><td class=\"column-2\">End of 35<sup>th<\/sup> year after the year the plan was entered<br \/>\n(40<sup>th<\/sup> year for a specified plan)<\/td><td class=\"column-3\">End of 35<sup>th<\/sup> year after the year the plan was entered<\/td><td class=\"column-4\">Date for plan maturity is set at enrolment and is based on the beneficiary\u2019s birth date<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-tbl-resp-types-summary from cache --><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n                <\/div><div class=\"eael-accordion-list\">\n                <div id=\"individual-and-family-plans\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"2\" aria-controls=\"elementor-tab-content-1682\"><span class=\"eael-accordion-tab-title\">Individual and Family Plans<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-1682\" class=\"eael-accordion-content clearfix\" data-tab=\"2\" aria-labelledby=\"individual-and-family-plans\"><style>.elementor-27 .elementor-element.elementor-element-734a44f9{--display:flex;}.elementor-27 .elementor-element.elementor-element-431caaa4{--display:flex;--flex-direction:column;--container-widget-width:100%;--container-widget-height:initial;--container-widget-flex-grow:0;--container-widget-align-self:initial;--flex-wrap-mobile:wrap;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .eael-accordion-tab-title{line-height:1.25px;color:#333;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon{font-size:16px;margin-left:10px;color:#333;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-accordion-icon{height:16px;width:16px;line-height:16px;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list{margin-bottom:10px;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon-svg svg{color:#333;fill:#333;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg{fill:#333;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .eael-accordion-tab-title{color:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon{color:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover svg.fa-accordion-icon{fill:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active{color:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .eael-accordion-tab-title{color:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon{color:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-accordion-icon{fill:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-content{color:#333;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle, .elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header > .fa-toggle-svg{font-size:16px;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-toggle{height:16px;width:16px;line-height:16px;fill:#444;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle{color:#444;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle svg{color:#444;fill:#444;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle{color:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle svg{color:#fff;fill:#fff;}.elementor-27 .elementor-element.elementor-element-1274f5f3 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-toggle{fill:#fff;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"27\" class=\"elementor elementor-27\">\n\t\t\t\t<div class=\"elementor-element elementor-element-734a44f9 e-flex e-con-boxed e-con e-parent\" data-id=\"734a44f9\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-790a1523 elementor-widget elementor-widget-text-editor\" data-id=\"790a1523\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When you create an individual or family plan, a separate trust is established for each plan.\u00a0 Individual plans allow only one beneficiary, whereas family plans are for one or more beneficiaries.<\/p><p>Individual and family plans are offered by many financial institutions including banks, credit unions, mutual fund companies, insurance companies, investment dealers, and scholarship plan dealers.<\/p><p>As a subscriber, you can decide when and how much you want to contribute (up to the lifetime limit per beneficiary). \u00a0Alternatively, you can decide to suspend contributions at any time. The terms of the plan may set a minimum contribution amount. The plan may allow you to decide how to invest the funds in the plan or limit the investment options available.<\/p><p>Amounts paid into the plan under government incentive programs, as well as investment earnings that accumulate in the plan, are paid out as educational assistance payments (EAPs) to the beneficiary(s) when the beneficiary(s) are enrolled in a qualifying educational program.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-431caaa4 e-flex e-con-boxed e-con e-parent\" data-id=\"431caaa4\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1274f5f3 elementor-widget elementor-widget-eael-adv-accordion\" data-id=\"1274f5f3\" data-element_type=\"widget\" data-widget_type=\"eael-adv-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"eael-adv-accordion\" id=\"eael-adv-accordion-1274f5f3\" data-scroll-on-click=\"no\" data-scroll-speed=\"300\" data-accordion-id=\"1274f5f3\" data-accordion-type=\"accordion\" data-toogle-speed=\"300\">\n    <div class=\"eael-accordion-list\">\n                <div id=\"individual-plan\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"1\" aria-controls=\"elementor-tab-content-3091\"><span class=\"eael-accordion-tab-title\">Individual Plan<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-3091\" class=\"eael-accordion-content clearfix\" data-tab=\"1\" aria-labelledby=\"individual-plan\"><style>.elementor-1307 .elementor-element.elementor-element-4c9068c{--display:flex;}.elementor-1307 .elementor-element.elementor-element-20c0b67{--spacer-size:0px;}.elementor-1307 .elementor-element.elementor-element-a8bfcd0{font-size:14px;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"1307\" class=\"elementor elementor-1307\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4c9068c e-flex e-con-boxed e-con e-parent\" data-id=\"4c9068c\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b8f2619 elementor-widget elementor-widget-text-editor\" data-id=\"b8f2619\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Established for only one beneficiary who must be a Canadian resident and have a valid Social Insurance Number (SIN).<\/li><li>There are no restrictions on the age of the beneficiary.<\/li><li>There are no restrictions on who can be named as beneficiary. A subscriber can be the beneficiary of their own plan.<\/li><li>Anyone can be a subscriber and make contributions.<\/li><li>Contributions can be made up to 31 years after the plan is opened (35 years for a specified plan<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a>).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8bfcd0 elementor-widget elementor-widget-text-editor\" data-id=\"a8bfcd0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"#_ftnref1\" name=\"_ftn1\"><sup>[1]<\/sup><\/a> A <strong>specified plan<\/strong> is an individual plan where the beneficiary is entitled to the disability tax credit for the taxation year that ends in the 31<sup>st<\/sup> year following the year that the plan was entered. A specified plan cannot permit another individual to be designated as a beneficiary under the RESP after the 35<sup>th<\/sup> year following the year the plan was entered.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n                <\/div><div class=\"eael-accordion-list\">\n                <div id=\"family-plan\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"2\" aria-controls=\"elementor-tab-content-3092\"><span class=\"eael-accordion-tab-title\">Family Plan<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-3092\" class=\"eael-accordion-content clearfix\" data-tab=\"2\" aria-labelledby=\"family-plan\"><ul><li>Established for one or more beneficiaries, who must be a Canadian resident, and have a valid SIN.<\/li><li>Each beneficiary must be under the age of 21 when added to the plan.<\/li><li>Each beneficiary must be related to the subscriber of the RESP by blood or by adoption.<\/li><li>Where all beneficiaries are siblings, it is called a <strong>siblings only<\/strong> plan<\/li><li>Contributions can be made until the beneficiary is 31 years old.<\/li><\/ul><\/div>\n                <\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n                <\/div><div class=\"eael-accordion-list\">\n                <div id=\"group-plans\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"3\" aria-controls=\"elementor-tab-content-1683\"><span class=\"eael-accordion-tab-title\">Group Plans<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-1683\" class=\"eael-accordion-content clearfix\" data-tab=\"3\" aria-labelledby=\"group-plans\"><p>Group plans, also referred to as <strong>education funds<\/strong> or <strong>scholarship funds<\/strong>, are offered by scholarship or group plan dealers and are sold by prospectus. They are a set of individual plans that are administered on an age group concept. That is, all contracts for beneficiaries who are nine years old are administered together. The date the plan matures is set at the time of enrolment and is based on the beneficiary\u2019s birth date.<\/p><p>Contributions to a group plan are calculated by the promoter\u2019s actuary. The amount and frequency of these contributions stay the same as long as the beneficiary has not reached 18 years of age. Regular contributions throughout the term of the RESP are usually required, but each plan has its own rules.<\/p><p>Your savings are combined with those of other people and the earnings are shared when it is time to pay for school. Generally, when each plan matures, the contributions are returned to the subscriber and the earnings are divided among the beneficiaries who qualify to receive EAPs in each year of their post-secondary education. The amounts received by each beneficiary will differ as the government grants and incentives cannot be shared among the beneficiaries of a group plan.<\/p><p>If your beneficiary does not begin post-secondary studies at the same time as the rest of the group, the earnings received from the plan may be affected. If you drop out of the plan before it matures, you may forfeit your earnings to the group.<\/p><p><em><strong>Note: It is important to read the plan\u2019s prospectus to understand how the plan works.<\/strong><\/em><\/p><\/div>\n                <\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t                    <\/div>\n\t\t        \n                    <div id=\"investments-tab\" class=\"clearfix eael-tab-content-item inactive\" data-title-link=\"investments-tab\">\n\t\t\t\t        <style>.elementor-23 .elementor-element.elementor-element-41b7c427{--display:flex;}.elementor-23 .elementor-element.elementor-element-7963cae4{--display:flex;--flex-direction:column;--container-widget-width:100%;--container-widget-height:initial;--container-widget-flex-grow:0;--container-widget-align-self:initial;--flex-wrap-mobile:wrap;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion{border-style:none;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .eael-accordion-tab-title{line-height:1.25px;color:#333;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon{font-size:16px;margin-left:10px;color:#333;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-accordion-icon{height:16px;width:16px;line-height:16px;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list{margin-bottom:10px;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-accordion-icon-svg svg{color:#333;fill:#333;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg{fill:#333;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .eael-accordion-tab-title{color:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon{color:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header:hover svg.fa-accordion-icon{fill:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active{color:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .eael-accordion-tab-title{color:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon{color:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-accordion-icon svg{color:#fff;fill:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-accordion-icon{fill:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-content{color:#333;border-style:none;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle, .elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header > .fa-toggle-svg{font-size:16px;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header svg.fa-toggle{height:16px;width:16px;line-height:16px;fill:#444;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle{color:#444;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header .fa-toggle svg{color:#444;fill:#444;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle{color:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active .fa-toggle svg{color:#fff;fill:#fff;}.elementor-23 .elementor-element.elementor-element-7e9e8b62 .eael-adv-accordion .eael-accordion-list .eael-accordion-header.active svg.fa-toggle{fill:#fff;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"23\" class=\"elementor elementor-23\">\n\t\t\t\t<div class=\"elementor-element elementor-element-41b7c427 e-flex e-con-boxed e-con e-parent\" data-id=\"41b7c427\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3df7f386 elementor-widget elementor-widget-heading\" data-id=\"3df7f386\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Investments<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17682498 elementor-widget elementor-widget-text-editor\" data-id=\"17682498\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>An RESP may invest in a wide range of qualified investments such as stocks, bonds, and other popular securities including mutual funds, segregated fund contracts, and guaranteed investment certificates (GICs). In general, the types of property that qualify for an RESP are similar to those that qualify for an RRSP. The availability of some or all of these investment options will depend on your plan.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3e345c elementor-widget elementor-widget-shortcode\" data-id=\"a3e345c\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-tbl-investment-options\" class=\"tablepress tablepress-id-tbl-investment-options tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Type of Plan<\/th><th class=\"column-2\">RESP Providers<\/th><th class=\"column-3\">Investment Options<\/th><th class=\"column-4\">Investment Decisions<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td rowspan=\"4\" class=\"column-1\"><strong>Individual and Family Plans<\/strong><\/td><td class=\"column-2\">Banks and credit unions<\/td><td rowspan=\"4\" class=\"column-3\">Savings accounts<br \/>\nGICs<br \/>\nMutual funds<\/td><td rowspan=\"4\" class=\"column-4\">You and your advisor choose an appropriate mix of investments<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-2\">Mutual fund companies<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-2\">Insurance companies<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-2\">Investment dealers<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><strong>Group plans<\/strong><\/td><td class=\"column-2\">Scholarship plan dealers<\/td><td class=\"column-3\">In general, a plan must invest in fixed-income securities, such as T-bills, GICs, and bonds<\/td><td class=\"column-4\">All of the investment decisions are made for you<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-tbl-investment-options from cache --><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7963cae4 e-flex e-con-boxed e-con e-parent\" data-id=\"7963cae4\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7e9e8b62 elementor-widget elementor-widget-eael-adv-accordion\" data-id=\"7e9e8b62\" data-element_type=\"widget\" data-widget_type=\"eael-adv-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"eael-adv-accordion\" id=\"eael-adv-accordion-7e9e8b62\" data-scroll-on-click=\"no\" data-scroll-speed=\"300\" data-accordion-id=\"7e9e8b62\" data-accordion-type=\"accordion\" data-toogle-speed=\"300\">\n    <div class=\"eael-accordion-list\">\n                <div id=\"foreign-content\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"1\" aria-controls=\"elementor-tab-content-2121\"><span class=\"eael-accordion-tab-title\">Foreign Content<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-2121\" class=\"eael-accordion-content clearfix\" data-tab=\"1\" aria-labelledby=\"foreign-content\"><p>There is no restriction on foreign content held in an RESP. However, dividends paid on shares listed on a prescribed stock exchange in a foreign country may be subject to foreign withholding tax. Treaty relief for the withholding tax is generally not available.<\/p><\/div>\n                <\/div><div class=\"eael-accordion-list\">\n                <div id=\"non-qualified-investment\" class=\"elementor-tab-title eael-accordion-header\" tabindex=\"0\" data-tab=\"2\" aria-controls=\"elementor-tab-content-2122\"><span class=\"eael-accordion-tab-title\">Non-Qualified Investment<\/span><svg aria-hidden=\"true\" class=\"fa-toggle e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/div><div id=\"elementor-tab-content-2122\" class=\"eael-accordion-content clearfix\" data-tab=\"2\" aria-labelledby=\"non-qualified-investment\"><p>If a non-qualified investment is acquired by your RESP, a penalty tax is equal to 50% of the fair market value of the investment at the time it was acquired or became non-qualified. The investment income from such investments is subject to an advantage tax equal to 100% of the income if the income is not withdrawn promptly. In addition, the CRA has the right to revoke any RESP that holds non-qualified investments.<\/p><\/div>\n                <\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t                    <\/div>\n\t\t        \n                    <div id=\"costs-and-fees-tab\" class=\"clearfix eael-tab-content-item inactive\" data-title-link=\"costs-and-fees-tab\">\n\t\t\t\t        <style>.elementor-1053 .elementor-element.elementor-element-6c04a51f{--display:flex;}.elementor-1053 .elementor-element.elementor-element-86e77f6{--spacer-size:0px;}.elementor-1053 .elementor-element.elementor-element-96694f4{font-size:14px;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"1053\" class=\"elementor elementor-1053\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6c04a51f e-flex e-con-boxed e-con e-parent\" data-id=\"6c04a51f\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f738c9b elementor-widget elementor-widget-heading\" data-id=\"f738c9b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Costs and Fees<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a3eeebf elementor-widget elementor-widget-text-editor\" data-id=\"3a3eeebf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Fees or charges for RESPs vary widely. Fees may depend on the plan provider, investment choices, and plan rules.<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a>\u00a0 Fees may be charged for the following:<\/p><ul><li style=\"margin-top: 10px;\"><strong>Account opening.<\/strong> There is usually no charge to open an RESP, however some institutions may charge a nominal set-up fee.<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[2]<\/sup><\/a><\/li><li style=\"margin-top: 10px;\"><strong>Annual administration.<\/strong>\u00a0There are often no annual fees for RESPs opened at a bank or a\u00a0mutual fund company, however, the cost of plans at other institutions may vary.\u00a0 Plans may require an annual fee if the savings are below a threshold amount in the plan, or related accounts with the same financial institution, or have fees assessed as a trustee fees.<\/li><li style=\"margin-top: 10px;\"><strong>Investment management. <\/strong>\u00a0Different investments come with different types of costs to purchase or manage them.\u00a0 There may be commissions to purchase or sell market securities (such as stocks, bonds, ETFs, etc) held within a plan, or paid to an advisor to manage the investments.\u00a0 There may also be sales charge for the purchase, or sale. of mutual funds for your plan or when you sell them.\u00a0 Mutual funds also charge management expenses, expressed as a management expense ration (MER), for the mutual funds held in the plan.<\/li><li style=\"margin-top: 10px;\"><strong>Other fees.<\/strong> Most plans charge additional fees for special services. For example, there may be fee to change the plan beneficiary or transfer money to another RESP.<\/li><\/ul><p>For RESP accounts provided by a scholarship plan dealer, there will likely be other fees such as:<\/p><ol><li style=\"margin-top: 10px;\"><strong>Sales fees or\u00a0commissions.<\/strong> Also called membership or enrolment fees. The salesperson and plan provider are paid commission when a plan is opened.\u00a0 These fees are typically non-refundable, after a 60 day recission period. if the plan is terminated early, or the beneficiary fails to continue with their education after high school.<\/li><li style=\"margin-top: 10px;\"><strong>Annual fees.<\/strong>\u00a0 These may include administration fees, trustee fees and deposit fees.<\/li><li style=\"margin-top: 10px;\"><strong>Other costs.<\/strong> Most plans charge additional fees or penalties.\u00a0 These may include, but are not limited to:<ul><li>fees for early withdrawal of contributions,<\/li><li>fees to transfer the RESP to another RESP, or change the plan beneficiary.<\/li><li>If you have a group plan, fees to change the payment schedule.<\/li><\/ul><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96694f4 elementor-widget elementor-widget-text-editor\" data-id=\"96694f4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"#_ftnref1\" name=\"_ftn1\"><sup>[1]<\/sup><\/a> Always discuss the fees with the plan advisor, review all RESP documents , and be clear on any situations that would result in additional fees on the account, before signing and opening the account.<\/p><p><a href=\"#_ftnref1\" name=\"_ftn1\"><sup>[2]<\/sup><\/a> Some financial institutions offer low-fee or no-fee RESP accounts for Canadians living on low incomes.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t                    <\/div>\n\t\t                    <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>RESP Basics How an RESP Works Type of RESPs Investments Costs and Fees How an RESP works Here is an overview of how an RESP generally works: A subscriber enters into an RESP contract with the promoter and names one or more beneficiaries under the plan. The subscriber makes contributions to the RESP. Government grants&#8230;<\/p>\n","protected":false},"author":1,"featured_media":924,"parent":0,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"class_list":["post-365","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/wp-json\/wp\/v2\/pages\/365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/wp-json\/wp\/v2\/comments?post=365"}],"version-history":[{"count":106,"href":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/wp-json\/wp\/v2\/pages\/365\/revisions"}],"predecessor-version":[{"id":3558,"href":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/wp-json\/wp\/v2\/pages\/365\/revisions\/3558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/wp-json\/wp\/v2\/media\/924"}],"wp:attachment":[{"href":"https:\/\/wordpress.dockhost.synology.me\/en_ca\/wp-json\/wp\/v2\/media?parent=365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}