The company that sets up your 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.
8 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?
- Are the plan's rules more restrictive than the government's rules on which programs qualify? Find out which programs may 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?
Who offers RESPs
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
If you can't resolve a problem directly with the provider, you have options.