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I’m the beneficiary and I want to contribute to my RESP. Can I?

I’m under 18 and my parents are the subscribers.

OUR ANSWER

It’s possible for a beneficiary to add to their RESP, but one person can’t be both the subscriber and the beneficiary of an RESP. This means your mother or father remains the only subscriber of the RESP and all contributions paid into the plan are hers or his. It’s important to understand that all contributions are made in your parent’s name and that he or she is in charge of withdrawing the money once you enroll in a post-secondary program of your choice. 

How Can I Add to my RESP?

The sums can be deposited into the RESP via the Client Space of the parent who opened the plan. Note that deposits must be of $50 minimum.

Significant Advantages

By contributing to your own RESP, you’ll get more government grants once you start studying in a post-secondary program, since for each dollar you invest, the Government of Canada and the Government of Quebec add an extra $0.20 to $0.60 in total1.

Good Savings Habits

The fact you want to invest in your RESP is impressive and shows you’re very mature. This is a great opportunity to develop good financial habits and start saving for your future projects. You can be proud to chip in for your RESP! And you’ll be happy to know the RESP will help you cover many expenses in a few years—and not just tuition. RESP money can also be used to pay for school supplies, rent, transportation, groceries, and anything else you might need to learn and pursue your dream career!    

SEE ALSO

Legal Notes

*Our lawyers insist that we mention the identities marked with an asterisk are fictitious and only serve to present the most frequently asked questions. We understand your concerns well, so we took the lead. The answers, for their part, are all very real.

1. The Canada Education Savings Grant (CESG) rate is 20% to 40%, based on adjusted family net income. The Quebec Education Savings Incentive (QESI) rate is 10% to 20%, based on adjusted family net income. Certain conditions apply; see our prospectus.