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Yes, you can open and contribute to a RESP where your grandchildren are named as a beneficiary. This can help with their education costs when they enroll in post-secondary education where they can start taking payments, called educational assistance payments (EAPs). Be aware, if they don’t continue their education post high school while options are available, there may be financial costs and tax consequences.

Visit GetSmarterAboutMoney.ca to learn about how RESPs work, the types of RESPs available and you may find it helpful to use the RESP Savings Calculator to figure out how much you need to save each year for your grandchild’s education. Speak with a registered financial representative or tax professional for advice as you move forward.