Investing for Post-Secondary Education

Family Plans vs. Individual Plans

There are two types of RESPs: Family Plans and Individual Plans.

Family Plan

Use this plan if you, the subscriber* are the beneficiary’s parent or grandparent. A family plan allows you to designate one or more beneficiaries today—and to add beneficiaries if your family grows.


  • Can only be opened by a subscriber who is related to the beneficiary by blood. (Generally, a blood relationship means the beneficiary is the subscriber’s child, grandchild or sibling—either by birth or by adoption.)
  • Can be opened in trust for multiple beneficiaries.
  • Beneficiaries can share grant and growth at the time of withdrawal.
  • Beneficiaries must be under 21 years old when they are named to the plan (unless they’re being carried over from a pre-existing family plan).

Individual Plan

Generally, you’d use this plan if the beneficiary is not your child or grandchild. Perhaps you’re an aunt, uncle or friend who wants to save for a loved one.


  • Only one beneficiary can be named.
  • There are no age or relationship restrictions. Subscribers can open this plan in trust for anyone, even themselves.

More information

The links below will direct you to the federal government’s RESP information centre.


RESP Flyer – explains the benefits of opening a Franklin Templeton RESP