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REGISTERED EDUCATION SAVINGS PLANS
TYPES OF RESP PLANS
1. INDIVIDUAL RESP PLAN: an RESP plan where there can
only be one beneficiary, the beneficiary can be anyone and does
not have to be related to the subscriber
2. FAMILY PLAN: an RESP where more than one beneficiary
can be named, however each beneficiary must be under 21 and connected
to the subscriber by blood or adoption
This material is for information purposes only and should
not be construed as legal or tax advice. Every effort has been
made to ensure its accuracy, but errors and omissions are possible.
Individual circumstances may vary and specific legal and tax advice
is recommended. Future tax changes and market conditions may affect
this information.
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