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Frequently Asked Questions
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Question:
What do I need to open a Registered Education Savings Plan (RESP)?
Answer:
You will need your own Social Insurance Number (SIN), as well as a SIN for your child. There is no charge to obtain a SIN. Even a baby can get one.
You don't have to be a Canadian citizen to open an RESP. If you are a permanent resident or a landed immigrant, you also can open an RESP for your child.
You can also open an RESP at most financial institutions, such as a bank or credit union, or through a group plan dealer or a financial service provider, without having a bank account.
Your RESP provider may charge you a fee to open and maintain your RESP account. When you apply for an RESP, make sure you ask the provider about any fees that you will have to pay.
Resource(s):
-
Apply for a Social Insurance Number on-line
-
Canada Revenue Agency (RESPs)
-
CanLearn
-
Education Savings
(Canadian Bankers Association) -
RESP Providers
Human Resources and Skills Development Canada
P.O. Box 2090, Station D
Ottawa, ON K1P 6C6
Tel: 1-800-O Canada (1-800-622-6232) -
The Canada Education Savings Grant
(Human Resources and Skills Development Canada)
Classification of this FAQ:
| Category | Sub-category |
|---|---|
| Accounts | Registered Education Savings Plans (RESPs) |
| Investments | Registered Education Savings Plans (RESPs) |
Related Question(s):
- What's the difference between an Education Savings Plan (ESP) and a Registered Education Savings Plan (RESP)?
- What types of investment products are available within a Registered Education Savings Plan (RESP)?
- What is a Registered Education Savings Plan (RESP)?
- Is there a minimum amount of money I have to put into a Registered Education Savings Plan (RESP)?
- What is the Canada Learning Bond?
- What is a tax-free savings account?
- I have a problem with my Registered Education Savings Plan (RESP) provider. Who can help me?
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