What is the difference between a Single, Family, and Adult RESP account?

You may have noticed that there are a few different options when it comes to selecting the type of RESP account you wish to open. We’re here to help make this more clear.

A Single RESP is designed for one beneficiary; a Family RESP is designed for multiple beneficiaries who must be siblings and related by blood or adoption to the account holder; and, an Adult RESP is designed for an individual that is 18+ at the beginning of the year they open an RESP account.

How do contributions work?

Unless otherwise requested, we allocate all of your RESP contributions evenly among the beneficiaries in your accounts. For example, if you contribute $100 to your Family RESP - and you have 3 beneficiaries in the account - we will allocate the contribution evenly among your beneficiaries (33% each).

Please note that:

• An initial contribution must be made to open and activate your RESP account.
• Contributions must be made to the RESP to receive the Canadian Education Savings Grant (CESG).
• No contributions to the RESP are needed to receive the Canada Learning Bond (CLB).
• Grant eligibility is determined by the ESDC, so Network Wealth will only receive grant funds that you are eligible for. To learn more about your eligibility, we might recommend contacting the ESDC directly.
  
  

Can I transfer funds in-between accounts?

Where available, you can open the account you wish and request an internal transfer of funds between your portfolios.

Do I keep the grants when I withdraw funds?

Depending on the type of RESP withdrawal you make, grants may be returned to the government. You can learn more about how this works here.