Whether you’re setting up an RESP over the phone, or with your financial advisor, there are a few things you’ll need to get started. You’ll want to be prepared by knowing the basics and by having the right documents on hand to keep the process quick and easy.
A SIN card & Birth Certificate for your child
First, you’ll need to get a social insurance number (SIN) for your child. Even if their full-time job right now is eating and sleeping, or throwing tantrums in grocery stores, they’ll need a SIN to have an RESP opened in their name. Click here for simple information on how to get a SIN card for your child. It’s important to note that you will also need your child’s birth certificate and your own SIN on hand when applying for the RESP as well.
Know the RESP basics
Second, you’ll want to be informed about the basics of RESPs. This is especially true if you’re not an avid investor already. Click here to find out more about the limits and restrictions on RESPs or click here to read up on the advantages of using an RESP over other account types.
An RESP for a child you care about
Third, are you setting up an RESP for a child for whom you are not the primary caregiver? No worries, you’ll need a few documents and some extra info to get started as well. Click here for a few easy steps on how to get the ball rolling and some information specific to this type of investment.