How are the contributions allocated between the beneficiaries on a Family RESP account?
By default, all contributions into a Family RESP account are divided evenly between all beneficiaries under 21 years of age. 17) Can we setup special contribution allocations on file for a specific beneficiary on direct and wire orders? MFC can process special contribution allocations for a specific beneficiary, however we cannot accept standing instructions on file. For each and every direct or wire order purchase, the supporting documentation must be submitted each time in order for MFC to allocate the contribution to a specific beneficiary. Special allocation instructions for PAC purchases can be submitted once and for all future PAC purchases.
Related Questions
- 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?
- What is required to transfer a MFC Individual RESP into a MFC Family RESP when only one of the beneficiaries on both accounts is the same?
- How are the contributions allocated between the beneficiaries on a Family RESP account?
