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Discussion Starter #1
We're in the process of planning to move our current RESP brokerage account to RBC DI and discovered they don't offer a joint account option (unlike all of their other account types). On the forms you can indicate joint subscribers for the CESG grant but not for the brokerage account itself.

Before I proceed, I'd like to be certain of the implications. I've discussed with RBC DI reps and CRA and neither could give me a clear cut response. My concerns are centered around a) death of a spouse and b) use of the funds should our children not pursue further education (rare, but you never know).

With a joint account, I believe you can split the proceeds 50/50 if you have enough RRSP contribution room. With an individual account, this would all have to be absorbed by the account subscriber only correct? Which ruling dictates whether this could be split - indicating joint subscriber status on the CESG grant application, status of the brokerage account, or something else?

On death of a spouse, the form lists a spot for indicating a spouse so I presume this would roll-over to my spouse to carry on with contributions and eventual roll-over (if not used) but I'm not 100% certain. Would this need to be more clearly indicated in a will?

This would be much more clear cut if they just offered a joint account. Maybe this isn't anything to be concerned about but figured someone else may have looked into this as well.
 

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This would be much more clear cut if they just offered a joint account. Maybe this isn't anything to be concerned about but figured someone else may have looked into this as well.

There is no such thing as a joint account for any registered account. No joint RRSP, RESP, TFSA, or RDSP. This is the way that Parliament wrote the Income Tax Act.

Therefore no bank or financial institution can offer a joint RESP.
 

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I believe the OP is referring to a "joint subscriber" RESP plan. SS 146.1(1) of the ITA defines these type of plans under "education savings plan". The plan is an arrangement entered into between the subscribers and the promoter.

Not every plan allows for joint subscribers, and seems to be at the promoter's discretion.

Hope this helps.
 

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Discussion Starter #5
I believe the OP is referring to a "joint subscriber" RESP plan. SS 146.1(1) of the ITA defines these type of plans under "education savings plan". The plan is an arrangement entered into between the subscribers and the promoter.

Not every plan allows for joint subscribers, and seems to be at the promoter's discretion.

Hope this helps.
Exactly

A little further digging revealed that my second concern is not an issue given that you do not require a joint subscriber to be able to rollover the plan into a spouse's RRSP (room permitting):
http://www.cra-arc.gc.ca/E/pub/tp/ic93-3r/ic93-3r-e.txt
http://www.cra-arc.gc.ca/E/pub/tg/rc4092/rc4092-e.html

My first concern, death of the subscriber, is addressed briefly in the publications above but is still not completely clear. It is my understanding that my spouse could take over the plan as new subscriber (would likely require setup of a new RESP and transfer). If anything, I think having joint subscribers up front would result in a more seamless transition, avoiding paperwork and potential fees. I'll dig a little further...
 
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