To set up a registered education savings plan (RESP), open a Qtrade RESP account, and make contributions to the plan or invite anyone else to contribute. An RESP beneficiary (the future student) must be a Canadian resident with a Social Insurance Number (SIN) when the plan is opened. Anyone may open an RESP, but usually it is the beneficiary’s parent. Your SIN must also be provided when you open the RESP.
There is no minimum or maximum beneficiary age to open an individual plan. Contributions may be made for up to 30 years, and the plan may stay open for up to 35 years. If the beneficiary qualifies for the disability tax credit, these timelines are extended by five years.