​Fees for Registered Education Savings Plans (RESPs) vary widely. The fees you pay depend on where you open the RESP and how you invest your money.

If your RESP is with a financial institution

1. Opening a plan – There is usually no charge to open an RESP. Some institutions may charge a small set-up fee.
2. Annual administration fee – There are often no annual fees for RESPs opened at a bank or a mutual fund company. The cost of other plans can vary. You may not have to pay an annual fee if you have enough savings in your plan, or if you hold other accounts with the same financial institution.
3. Investment costs – You pay a commission when you buy stocks for your plan and when you sell them. You may pay a sales charge when you buy mutual funds for your plan or when you sell them. You're also charged a management expense ratio (MER) for mutual funds you hold.
4. Other costs – Most plans charge fees for special services. Examples: changing your beneficiary, transferring money to another RESP.

If your RESP is with a scholarship plan dealer

1. Sales fees or commissions (also called membership or enrolment fees) – The salesperson and the company they work for get a sales fee when you open a plan. If you leave the plan early or your child doesn't continue with their education after high school, you may not get back the sales fees you paid.
2. Annual fees – These may include administration fees, trustee fees and deposit fees.
3. Other costs – Most plans charge fees or penalties for special services. Examples: taking out contributions early, transferring money to another RESP, changing your beneficiary. If you have a group plan, you may pay a fee to change your payment schedule.

Comparing RESP fees