Archives: FAQs

No. You can open an RESP without having a bank account.

You can open an RESP account at most financial institutions (such as banks, life insurance company, brokerage firms, credit unions, etc.) or with Alberta Insurance Council(AIC) certified Insurance Agents or certified financial planners. You can Book an Appointment  with us or call us at 403-225-8888 and one of our AIC certified Insurance Agents can help you setup an RESP.

It depends. Some types of RESPs have no minimum deposit requirements, while others do. The Government of Canada will still add to your savings, no matter how little you put into your child’s RESP account.

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).  You can Book an Appointment online with us or call us at 403-225-8888 for more questions.

If you open an RESP, the Government of Canada will help you save money through the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB). They are only available for your child if you open an RESP. For example, the annual CESG available for each RESP beneficiary can be as much as $500.00 with the maximum life-time amount of grant money available set at $7,200.00. This is a huge benefit for anyone wishing to invest in their Child's future education

RESPs do let you play catch up with government grants but You can only make up missed contributions one year at a time. e.g  on top of the $2,500 maximum you're allowed to contribute to your RESP each year, you can make an additional payment of up to $2,500 to catch up on missed years of contribution. Whatever you do, don't wait until your child is nine or older to start an RESP - since grants are only available until the year he or she is 17, there won't be enough years left to make up the eight years' worth of missed contributions. Bottomline: the sooner the better

For Family RESP plans, the beneficiary must be related to the subscriber by blood or adoption and they must be 21 years of age or younger at the time they are named as a beneficiary. For Individual RESP plans, you can designate any individual as a beneficiary (related or not related), only if the individual has a valid social insurance number (SIN) and they are resident in Canada when the designation is made. Note: If you are opening an RESP account for a beneficiary that is 18 years of age and older, your RESP account cannot qualify for the Canada Education Savings Grant (CESG), as the grants are only available for beneficiaries 17 years of age or younger.

For Family RESP plans, subscribers can be parents, grandparents or siblings of children, including adopted children. For Individual RESP plans, in general there are no restrictions on who can be the original subscribers. you and your spouse or common-law partner can be a joint subscriber under a single RESP.

Anyone (including parents, guardians, grandparents, other relatives or friends) can open an RESP account for a child.