The applicants, four great-grandchildren of the deceased, sought a declaration that funds placed in four RESPs by their great-grandfather were impressed with a trust for their post-secondary education.
The respondent, their great-aunt and the subscriber of the RESPs, argued the funds were a gift to her and she had sole discretion over them.
After refusing to release funds for one applicant's tuition and subsequently closing two of the RESPs to take the funds for herself, the applicants brought this application.
The court found the three certainties of trust were met, the claim was not statute-barred, and the respondent breached her fiduciary duty.
The court ordered the respondent removed as subscriber, replaced by a neutral third party, and ordered her to repay the misappropriated funds with investment growth.
