Manzil RESP accounts are available in every Canadian province and territory. Family versus individual is a Canada Revenue Agency plan type, not a Shariah screen. An individual RESP names one beneficiary. A family RESP can name more than one beneficiary who are related by blood or adoption under CRA rules. Manzil's RESP record states the account captures the Canada Education Savings Grant. Confirm current CESG and plan-type rules on CRA. This page does not invent grant dollars. Start on the investing hub. Related: RESP withdrawals.
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What This Site Can State
| Item | Fact | Not on this page |
|---|---|---|
| Manzil RESP | Available in every province and territory. AAOIFI-screened contents. CESG is named on the product record | A homemade CESG calculator |
| Family vs individual | CRA plan types. Confirm who can be a beneficiary on CRA | A substitute for the prospectus |
| Idle cash | Interest on uninvested cash is still interest | That the wrapper makes riba halal |
If two children will share education money, a family plan is the CRA question. If one beneficiary is unrelated, that is the individual-plan question. Then keep the holdings on the Manzil screen. Do not park the grant in a conventional GIC.
Frequently Asked Questions
Does Manzil offer a family RESP?
Manzil RESP accounts exist in every province and territory. Which plan types are on the application is the account contract. Confirm with Manzil. Do not assume this blog opened a family plan for you.
Is CESG halal?
CESG is a government grant. Halal depends on where the money is invested after it lands. Manzil RESP is the overlay on this site.
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Can I open a Manzil RESP in Quebec?
Yes. Manzil RESP accounts are available in every province and territory.
Does an RESP replace an FHSA?
No. RESP is education. FHSA is a first-home wrapper. They are different accounts. See Manzil FHSA if the goal is a house.
Bottom Line
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Pick family or individual on CRA's rules. Hold it in a Manzil RESP if you want the halal overlay. Confirm CESG and beneficiaries with CRA and Manzil, not with invented dollar tables.
