Individual vs. family RESP

•  A beneficiary is the person who will use the RESP funds for education

•  A subscriber is the person who opens the RESP and contributes money

•  A plan type determines how many beneficiaries are included and how funds can be used

•  You can open it for anyone, including a child, friend, or yourself

•  There is no requirement for the beneficiary to be related to the subscriber

•  All contributions and earnings are tied to that one person

•  Saving for a single child

•  Saving for a non-family member

•  Situations where you do not want funds shared between beneficiaries

•  Beneficiaries must be related to the subscriber by blood or adoption

•  Contributions and growth can be shared among beneficiaries; grants remain subject to per-beneficiary limits

•  Flexible if one child uses less or does not attend school

•  Families with more than one child

•  Situations where education costs may differ between children

•  When you want flexibility to shift funds between siblings

•  Contributions are tracked per beneficiary, but investment earnings may be shared among beneficiaries. Government grants remain subject to applicable rules, including the $7,200 lifetime CESG maximum per beneficiary.

•  If one child does not use all funds, another beneficiary may be able to use them, depending on plan rules and grant limits

•  Each child still has their own lifetime contribution limit across all RESPs

•  Family RESP offers more flexibility across multiple children

•  Individual RESP keeps savings separate and dedicated

•  Individual RESP has no relationship requirement

•  Family RESP requires beneficiaries to be siblings

•  Individual RESP is simpler for one person

•  Family RESP requires more tracking across beneficiaries

•  Relationship rules: Family RESPs can be opened by a parent or grandparent, and beneficiaries must be siblings related to the subscriber by blood or adoption.

•  Contribution limits: Each beneficiary has a lifetime contribution limit across all RESPs

•  Grant rules: Government grants have individual limits per beneficiary, even in family plans

•  Plan rules vary: How funds can be shared may depend on the provider and plan details

•  You can open either individual or family RESPs online without visiting a branch

•  The onboarding process helps you set up beneficiaries and apply for eligible grants

•  You can track contributions and grants in one place, even across multiple beneficiaries

•  The Embark Student Plan uses a Glidepath investment approach that adjusts over time as the beneficiary gets closer to school.