What is an Individual Plan and who can be a beneficiary?
An individual RESP Plan set up by the subscriber can only have one beneficiary. A subscriber may designate anyone as the beneficiary of the plan, including himself/herself or his/her spouse. What is a Family Plan and who can be a beneficiary? This is a RESP set up by a subscriber on behalf of one or more individuals designated as beneficiaries. However, each beneficiary must be under 21 years old at the time of designation and must be related to each subscriber by blood or adoption. For these purposes, your children, grandchildren, brothers and sisters are related to you by blood. Your nieces and nephews are not related to you by blood. As a subscriber you can’t designate yourself or your spouse as a beneficiary under the Family Plan.
