Who can open an RESP?

Generally, anyone may open an RESP and make regular contributions to it. You may also open an RESP as a joint with your spouse or common law partner. When opening an RESP you become the subscriber and make contributions to the beneficiary of your choice. However, the beneficiary must be a resident of Canada. Also, the beneficiary must be less than 21 years of age at the time he or she is named as the beneficiary.

How to open an RESP

Opening an RESP is very easy. All you need is a social insurance number for you and your child/beneficiary, then choose a RESP service provider. Most financial institutions, such as banks or credit unions, group plan dealers, and certified financial planners will be able to meet your needs.

If you have any questions or concerns please contact Stephen Hill at 1.800.932.9989 or email financial@septen.com.

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