Yes, you can, however, there are specific rules in these situations. Say the beneficiary of the original RESP decides not to pursue post-secondary training. In this case, you can name a different child as the beneficiary of  the RESP, as long as the new beneficiary is under 21.   If the new beneficiary is also sibling, then you may be able to retain any CESG in the plan up to the $7,200 limit per child.

So, if you’re substituting one child for another in an RESP, make sure it’s within the allowed limit, or some of the grant money will have go back to the government.  Unfortunately, the Canada Learning Bond cannot be shared.   If you have any questions, we’re happy to talk through your unique situation. We’re pretty passionate about RESPs over here. Just give us a call or drop us a line.