Both Individual and Family RESPs can be established with joint ownership. In Canada, joint subscribers must generally be spouses or common-law partners.
Why Choose a Joint RESP?
Right of Survivorship: If one subscriber passes away, the surviving spouse automatically becomes the sole owner of the account. This ensures the funds stay out of the deceased's estate and remain available for the child’s education.
Shared Management: Both partners have equal visibility and authority over the contributions and investment strategy.
How to Set Up a Joint RESP
The ModernAdvisor platform is designed to make joint onboarding seamless and paperless.
Primary Account Owner: The first parent (Primary Subscriber) begins the onboarding process on the ModernAdvisor platform.
Select Joint Subscriber: During the application, you will be asked if you want to add a spouse. Select the “Joint Subscriber” option and enter your spouse's email address.
Spouse Onboarding: Your spouse will automatically receive an email with a link to complete their portion of the profile (Identity verification, SIN, etc.).
Adobe Sign: Once both profiles are complete, ModernAdvisor will generate the official account opening documents. Both subscribers will receive these via Adobe Sign to provide their digital signatures.
Note: The account cannot be fully activated until both subscribers have completed their online profiles and signed the documentation.