The company that sets up your Registered Education Savings Plan (RESP) is called the plan provider or promoter. RESPs from a financial institution — like a bank, trust company or mutual fund dealer — work a lot like any other investment account. RESPs offered by scholarship plan dealers are set up differently and have different rules.
7 questions to ask
- What fees are you expected to pay? When do you have to pay them?
- Do you have to make regular contributions? If so, what happens if you miss a contribution?
- What investment options are available?
- When and how will payments be made from the plan?
- What kinds of post-secondary programs qualify?
- What happens if your beneficiary doesn't continue with their education after high school?
- What happens if you want to cancel the plan? Is it easy to get your money out? Will you have to forfeit your earnings?
Make sure you get answers to all these questions before you choose an RESP provider and plan. Use this checklist to help you decide. Learn more about choosing an RESP provider.
Find out if you have to make regular contributions to the RESP and what happens if you miss one.
Where to open an RESP
Take a look at this list of RESP providers in Canada. It also tells you which government grants each provider offers.
If you have a problem with an RESP provider
Learn about where to go if you can't resolve a problem directly with the provider.