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My grandson has an RESP with his parents. They told me their bank said he couldn’t have more than one RESP.


A child can have several RESPs with different providers. It’s common for grandparents, like you, to open a plan for their grandchild, even if this child already has a plan with his or her parents.

However, you do have to keep in mind that there is a lifetime contribution limit of $50,000 for a same beneficiary, all RESPs combined regardless of the provider.

Important detail: remember that the above is a contribution limit, so it only applies to the contributions made by a subscriber (the money invested in the plan). The government grants received and the RESP’s investment income are not included in this limit.