In the context of Ben's RESP setup, who is the subscriber and who is the beneficiary?

In the context of a Registered Education Savings Plan (RESP), the subscriber is the individual who opens the account and makes contributions, while the beneficiary is the individual for whom the RESP is established and who will eventually use the funds for post-secondary education.

In this scenario, Ben is the subscriber because he is the one who set up the RESP and contributes to it. The bank serves as the promoter, facilitating the administration of the RESP and managing the funds. Donald is identified as the beneficiary since he is the one designated to receive the education funds when he pursues post-secondary education.

This alignment of roles is important in RESPs, as it defines who is responsible for funding the account (the subscriber) and who will benefit from those funds (the beneficiary), while the promoter typically refers to the financial institution managing the plan. Understanding these roles helps ensure that individuals navigate the regulations and benefits associated with RESPs effectively.