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Stage · Saving for post-secondary education in Canada

Open: choose plan type and provider

The default right answer for most Canadian families is a self-directed family RESP at a discount brokerage. Group plans lock in rigid contribution schedules and charge high sales fees; an individual plan is fine for one child but a family plan is flexible for siblings. Open as early as possible. The first year of compounding matters.

Reviewed by Ben Stevenson, Managing Editor, Canadian Money Help Updated April 21, 2026 Methodology

What to do this week

  1. Get a Social Insurance Number for the child if not already done. SIN is required to open an RESP.
  2. Open a family RESP at a discount brokerage (Questrade, Wealthsimple Trade, Qtrade, RBC Direct Investing, TD Direct Investing). Low-cost index funds or ETFs are the standard holding.
  3. Avoid group scholarship plans. Sales fees are front-loaded and often non-refundable; contribution rigidity punishes life changes; academic restrictions on withdrawal narrow eligibility.
  4. Name primary and successor subscribers so the RESP continues smoothly if the subscriber dies.
  5. For Quebec residents: confirm QESI enrollment at account opening.

What to avoid

  • Letting a bank front-counter representative push a proprietary mutual fund RESP with a 2%+ MER. The same funds via discount brokerage or low-cost ETFs save 1–2% per year compounded over 18 years.
  • Opening separate individual plans for multiple children. A single family plan is simpler, lets you redirect contributions and accumulated grants between siblings, and preserves flexibility if one child decides not to attend post-secondary.
  • Forgetting to provide the beneficiary's SIN when contributing. Grants are tied to the beneficiary's SIN; contributions without it can miss the grant application window.
  • Paying group plan enrollment fees that are not refundable if the plan is transferred or the child does not attend post-secondary.

Calculators for this stage

Resp Growth Projection Resp Individual Vs Family Vs Group

Forms to file at this stage

Service Canada: Apply for a Social Insurance Number for a child

Newborns receive SIN via birth registration in most provinces. For older children or late registration, apply at Service Canada with birth certificate and parental ID.

Service Canada: SIN →

ESDC: Canada Education Savings Grant application (Form ESDC SDE 0093)

Signed at account opening by the subscriber. Links the beneficiary's SIN to the RESP for grant processing.

ESDC: RESP savings →

Frequently asked

Individual, family, or group RESP. which fits me?

Default to a family plan if you have or expect more than one child. Individual plans work for one child with clean simplicity. Group scholarship plans have been repeatedly criticized by regulators for high fees and rigid rules; the fee disadvantage usually outweighs any marketing advantage.

When should I open an RESP?

As soon as the child has a SIN. Even a $100 opening contribution starts the 36-year plan clock and lets you capture any first-year CLB if your family is eligible. Earlier contributions compound longer.

Can grandparents open an RESP?

Yes. Any adult can be a subscriber. A grandparent can open an individual or family RESP naming the grandchild as beneficiary. Contributions count toward the lifetime $50,000 per beneficiary across all plans; coordinate with the parents to avoid over-contribution.

Do I need a SIN before opening the plan?

Yes, the beneficiary must have a SIN. Canadian newborns typically receive SIN via birth registration within a few weeks. Older children or foreign-born children with PR status require a Service Canada application.

Next stage

Contribute: maximize CESG and provincial matches →