Beneficiaries may generally be changed and funds transferred between Registered Education Savings Plans subject to age and relationship conditions. Transfers that do not meet the conditions can trigger repayment of government grants, so selecting an appropriate structure at the outset is preferable.

Choosing the structure

Family plan or individual plan? Decide this once.

Q: What is the difference between a family and an individual RESP?

An individual Registered Education Savings Plan has a single beneficiary and may be opened by anyone with no relationship requirement and no age limit at naming. A family plan may have multiple beneficiaries, all of whom must be related to each living subscriber by blood or adoption and must be under 21 when named.

Q: If I have two children, should I use one family plan?

For families with more than one child, a family plan allows funds to be shared between beneficiaries without transfers, and contributions may be allocated unequally. Separate individual plans provide clearer per-child accounting but less flexibility if one beneficiary does not pursue post-secondary education.

Q: Does a family plan mean the money is split equally?

Funds in a family Registered Education Savings Plan need not be divided equally between beneficiaries and may be allocated according to differing costs. Per-beneficiary grant maximums continue to apply to each beneficiary individually.

Q: Are there grants a family plan can cost me?

Certain incentives including the additional Canada Education Savings Grant, the British Columbia Training and Education Savings Grant, and the Quebec Education Savings Incentive increase require all beneficiaries in a family plan to be siblings. The Canada Learning Bond may be paid into a sibling-only family plan but cannot be shared between beneficiaries.

Q: Can I open a plan for a child who isn’t related to me?

An individual Registered Education Savings Plan may be opened for any beneficiary with no relationship requirement. The blood or adoption requirement applies only to family plans, which permit beneficiaries to share funds.

Q: Can I open a plan for an adult, or for myself?

Individual Registered Education Savings Plans have no age limit for naming a beneficiary, allowing plans for adult learners or for the subscriber's own education. Canada Education Savings Grant eligibility generally ends after the year the beneficiary turns 17.

It looks like a formality on the application form. It isn’t — it determines whether one child’s unused savings can help another, and whether certain grants can be paid at all. Ten minutes now beats restructuring later.

The difference in one line

One beneficiary, or several who can share.

An individual plan has a single beneficiary and can be opened by anyone for anyone, with no age limit. A family plan can hold several beneficiaries who share the savings, but every one of them must be related to the subscriber by blood or adoption and must be under 21 when named.

Individual plan

One beneficiary
Subscriber can be anyone — no relationship needed
No age limit when the beneficiary is named
Clean accounting: this money is for this child
Works for a godchild, a friend’s child, an adult learner, or yourself
Sharing later means a transfer, with conditions attached

Family plan

Several beneficiaries in one plan
All must be related to you by blood or adoption
Each must be under 21 when named
Savings shared between them — not necessarily equally
Add a later-born child without opening a new plan
Some grants require every beneficiary to be a sibling

The trap: the sibling-only rule

The income-tested additional grant, the British Columbia grant, and the Quebec increase are only payable where every beneficiary in a family plan is a sibling. Put cousins, or grandchildren from different families, in one family plan and you can block those amounts entirely.

Separately: the Canada Learning Bond can be paid into a sibling-only family plan, but it belongs to the child it was paid for and cannot be shared with siblings.

Free decision check

Five questions, one recommendation.

Tick what’s true of your situation.

I have, or expect to have, more than one child. All the children I’d name are siblings — not cousins or unrelated. I am related to all of them by blood or adoption. All of them are, or will be, under 21 when named to the plan. I want each child’s money kept strictly separate, whatever happens.

Tick the boxes that apply

A recommendation appears here once you’ve answered.

Check it before I apply → Grandparents opening a plan

Common questions

Questions about plan types

What is the difference between a family and an individual RESP?

An individual plan has one beneficiary; a family plan can have several who share the money. Anyone can open an individual plan for any child — no relationship required, and no age limit when the child is named. A family plan requires every beneficiary to be related to each living subscriber by blood or adoption, and each must be under 21 when they are named to it.

If I have two children, should I use one family plan?

Usually yes — flexibility is the whole point. If one child doesn’t pursue post-secondary education, or costs less than expected, the other can use the money without transfers or paperwork. Contributions can be allocated between them unequally to reflect different timing or costs. Two separate plans give you cleaner accounting per child, but you lose that flexibility exactly when you’d want it.

Does a family plan mean the money is split equally?

No — and that’s a feature. Educational payments do not have to be divided equally between beneficiaries. One child studying a four-year degree away from home and another doing a two-year college program locally have very different costs, and the plan can reflect that. Note that each beneficiary must actually be able to use their share, and the per-child grant maximum still applies to each of them individually.

Are there grants a family plan can cost me?

Yes, and this catches people out. Certain income-tested and provincial incentives — the additional grant for lower-income families, the British Columbia grant, and the Quebec increase — are only payable where all beneficiaries in a family plan are siblings. Cousins, nieces and nephews in the same plan can block them. And the Canada Learning Bond, while it can be paid into a sibling-only family plan, belongs to one child and cannot be shared.

Can I open a plan for a child who isn’t related to me?

Yes — with an individual plan. A godchild, a friend’s child, a niece or nephew, or a student you want to support: an individual plan has no relationship requirement at all. Only family plans impose the blood-or-adoption rule, because that is what allows beneficiaries to share the money.

Can I open a plan for an adult, or for myself?

An individual plan, yes. There is no age limit for naming a beneficiary to an individual plan — which makes it usable for an adult returning to study, or for your own education. Government grant eligibility is a separate question and generally ends after the year the beneficiary turns 17, so the value is the tax-sheltered growth rather than the matching.

Can I switch later?

Often, but not always cleanly. Beneficiaries can generally be changed and funds transferred between plans, subject to age and relationship conditions — and an ineligible transfer can trigger repayment of grants. It is considerably easier to choose the right structure at the start than to restructure once grants are in the plan. Ten minutes of thought now saves a real headache later.

Let’s talk

Get the structure right the first time.

A free call before you sign anything: which structure fits your family, whether the sibling rule affects you, and how to keep the flexibility you’ll want in fifteen years. Restructuring later is possible — it’s just needlessly harder.

Book a free call →

Harpreet Singh · Licensed advisor (LLQP, Ontario) · Proudly Canadian. This page is general information only — not financial, investment, insurance, or tax advice. Rules governing plan types, subscribers, beneficiary relationship and age requirements, grant eligibility including sibling-only conditions, transfers, and beneficiary changes are set by the Government of Canada and may change; confirm current requirements at canada.ca. Individual plan terms vary by promoter and may be more restrictive than federal rules. The decision check reflects general considerations only and is not a recommendation for your circumstances. Speak with a qualified advisor about your own situation.

Written and reviewed by

Harpreet Singh

Licensed Advisor · LLQP, Ontario

Harpreet is a licensed insurance and education-savings advisor based in Ontario, Canada. He helps families understand RESPs in plain language, claim every government grant they qualify for, and protect the plan with the right coverage — with straight answers and no pressure. More about Harpreet →

Reviewed July 2026 Figures per Canada.ca / CRA LinkedIn Book a free call