RESP tips

REGISTERED EDUCATION SAVINGS PLANS - for college and university
source: Ontario Securities Commission

Make sure you know what happens if you miss a payment, terminate your plan, or want to transfer the RESP between plans or beneficiaries.

Read the prospectus - if you don't understand it, don't invest. If you change your mind after reading the prospectus of a Scholarship Trust Plan, you have 60 days to cancel your purchase at no cost to you.
Understand how salespeople are paid, and where those payments come from.
Know what fees you are expected to pay, and when you will pay them.
Don't make investments based on verbal representation - get it in writing.
Check the registration and qualifications of your investment representative.
Don't fall victim to aggressive marketing techniques - take your time and do your research.
Review the rules for the types of post-secondary education that are eligible under the RESP that you choose.
How much work is being done to earn the management fees? If your money is being invested only in simple, low-risk instruments like GICs and T-Bills, the management fees should be relatively low.

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RESP tips

Series: Paying School Tuition

In the spotlight:

School size matters

Out of the class and into the community

The benefits of multilingualism

Fostering connection in online classrooms

Creating real-world impact in classrooms

Leveraging performing arts to boost self-confidence and communication skills

Start here: Five steps to finding the perfect school.

Latest Articles

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