Reviewed by Paul Thorne
What is a family RESP?
A family Registered Education Savings Plan (RESP) is a flexible savings account designed for multiple children's post-secondary education. It offers tax advantages, government incentives, and allows contributions up to $50,000 per beneficiary.
The plan can remain open for up to 35 years, accommodating long-term education planning. Key features include the ability to name multiple beneficiaries under 21, share funds among them, and potentially transfer unused RESP funds to other beneficiaries or transfer accumulated income to the subscriber's RRSP.
This flexibility, combined with the opportunity to defer taxes and obtain government support, makes family RESPs a popular choice for Canadian families planning for their children's educational future.
What are the benefits of a family RESP?
Multiple beneficiaries
Allows for more than one child* in a family to be named as beneficiary within the same account.
Flexibility
You can share funds among beneficiaries (subject to limits on sharing government incentives), allowing for different educational needs and timelines.
Ease of administration
A family RESP offers simplified management by allowing multiple beneficiaries to be included in a single account.
Individual vs. family RESP: What’s the difference?
There are several differences between an individual RESP and a family RESP. Here are some of the key differences to consider:
| Feature | Family RESP | Individual RESP |
|---|---|---|
Number of beneficiaries |
Can have multiple siblings as beneficiaries. | Has only one beneficiary. |
Flexibility |
Allows for sharing of funds between beneficiaries (subject to limits). | Funds are designated for a single beneficiary only. |
Age restrictions |
Beneficiaries must be under 21 when named to the plan. | No age limit for naming a beneficiary. |
Contribution limits |
$50,000 lifetime limit per beneficiary. | $50,000 lifetime limit. |
Grants |
Can share grants among beneficiaries easily (subject to limits). | Grants are initially for the named beneficiary but may be transferred to another RESP (subject to limits). |
Relationship requirements |
Beneficiaries must be related to the subscriber by blood or adoption and include only children, grandchildren, great-grandchildren. | No relationship requirement between subscriber and beneficiary. |
Family RESP withdrawal rules
Family RESP withdrawal rules are the same as individual RESP withdrawal rules.
Who can withdraw
The subscriber, usually the parent who set up the plan, is the only person who can request payments.
When to withdraw
You can withdraw money as soon as your child enrolls in a program, and you have a Verification of Enrolment (VOE) letter.
A Sun Life advisor can help you go through specific rules and optimal strategies for family RESP withdrawals, as they can be more complex than individual RESPs.
More resources
RESP Calculator
Not sure how much you need to save for your child’s education?
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Think you can only use an RESP for full-time university or college? Think again.
What if the child you’ve saved for decides not to pursue their studies?
Don’t worry, there are plenty of options.
* Only children, grandchildren, great-grandchildren, and adopted children of the subscriber are eligible.
This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply. Last updated : March 14, 2025.