Can Anyone Open a Resp
Anyone Can Open an Resp Account for a Child—Parents, Guardians, Grandparents, Other Relatives or Friends. While You Can Open a Plan for a Child, You Can Also...
Anyone can open an RESP account for a child—parents, guardians, grandparents, other relatives or friends. While you can open a plan for a child, you can also name yourself or another adult as the beneficiary. An RESP allows adults to earn interest on their RESP tax-free.
Who can open an RESP in Canada?
Who can open an RESP? Anyone—parents, grandparents, other family members and friends—can open an RESP for a child. RESPs can be opened by one person, or opened jointly by spouses or common-law partners. They can also be opened by child-care agencies.
Who can open a family beneficiary RESP plan?
There are two main types of RESP – and which one you choose often depends on your relationship to the beneficiary: An Individual RESP can be opened by anyone for anyone. A Family RESP can be opened by parents or grandparents of the children and can be withdrawn in the name of any beneficiary named to the plan.
Robert Thorne covers electric vehicle innovations, autonomous driving systems, global mobility trends, and automotive engineering developments.
