There is no limit on the number of plans that an individual can have in their name. For example, a child could have one RESP plan set up by parents, a separate plan set up by grandparents, and yet another set up by an uncle or aunt.
Regardless of how many plans there are, the total lifetime beneficiary contribution limit of $50,000 still applies. This means, for example, that all three plans must equal a maximum of $50,000 in order to avoid penalties.
It is up to the subscribers of each plan to coordinate their contributions to ensure that lifetime limits are not exceeded.
We typically recommend opening one savings plan if possible as it’s easier to manage, keep track of and strategically plan withdrawals. Others can still add funds to an RESP as third-party contributors.