Can we transfer an MFC Individual RESP to an MFC Individual RESP for another beneficiary?
Yes. If both beneficiaries are siblings and the beneficiary on the receiving plan is less than 21 years of age the whole amount can be transferred. If the beneficiaries are not blood related or the beneficiary on the receiving plan is older than 21, the amount transferred will be less the grant, since the grant amount will be clawed back to HRSDC. In order to process this transfer a Letter of Direction signed by the account subscriber. If a new account is supposed to be open all necessary paper work is supposed to be submitted as well. 4) Can a RESP account with the grandparents as subscribers be transferred to a RESP account with the parents as the subscribers for the same beneficiaries? Yes. MFC will have to obtain a Letter of Direction signed by current account subscribers requesting such transfer and all documents necessary to open a new account as well (RESP Application form and HRSDC Grant Application form(s).
