What do you need to open an RESP?

•  SINs: A Social Insurance Number for both you and the child.

•  A Provider: A financial institution or company (like Embark) to host the account.

•  A Beneficiary: The name of the future student who will use the money.

•  You need a SIN for the beneficiary before contributing to an RESP

•  You also need a SIN as the subscriber to register the plan

•  You must choose an RESP provider (promoter) such as a financial institution

•  You need to name the beneficiary when opening the RESP

•  You can often open an RESP online, by phone, or by mail depending on the provider

•  A SIN for the beneficiary (the student)

•  A SIN for the subscriber (the person opening the plan)

•  This is usually a child, but it can also be another person or yourself

•  Some plans allow more than one beneficiary, depending on the plan type

•  Banks, credit unions, and group plan dealers can offer RESPs

•  The provider administers the account and applies for eligible benefits

•  Your name and contact details

Quick answer

To open an RESP (Registered Education Savings Plan), you need a few basic things: a Social Insurance Number (SIN) for both the subscriber and the beneficiary, and a financial institution or RESP provider, such as Embark, to open the account with. You also need to name the beneficiary (the future student who will eventually receive the funds).

To open an RESP, you need:

Key facts

What information and documents do you need?

1. Social Insurance Numbers (SINs)

You need:

The RESP cannot be registered without this information.

2. A beneficiary

When you open the RESP, you must name who you are saving for.

3. An RESP provider (promoter)

You need to choose a financial institution or provider to open the RESP.

4. Basic personal details

Most providers will ask for standard information, such as:

These details help set up and register the RESP properly.

Do you need money to open an RESP?

Not always.

Why it matters and how Embark helps

Opening an RESP is the first step to accessing government education savings benefits and building funds for post-secondary costs. Having the right information ready can make the process faster and smoother.

Embark helps simplify this process:

This can be especially helpful for first-time parents or families opening their first RESP.