Not all financial institutions are the same, and not all RESPs are created equal.
RESPs vary depending on fees, commissions, types of investments held within the plan, and expected rates of return. We recommend that you compare different RESP providers to make the best choice for you and your child.
RESP comparison checklist
Here is a checklist to help you ask the right questions and get the right answers.
Principal protection
- How will my money be invested?
- Will it be invested to protect my principal?
- How much of my money could I lose in the worst case scenario?
Fees and administration
- What are the total costs over the life of the Plan? Be sure to ask about:
- Commissions and trailing commissions
- Management Expense Ratios (MERs) or Management Fees and what is included
- Transfer fees
- Administration Fees and Sales Charges
- What is the minimum amount I need to invest to open an education savings plan?
- Can my child receive Education Assistance Payments in their first year of study?
- Does the promoter apply for all grants/incentives (Canada Education Savings Grant (CESG), Additional CESG, Canada Learning Bond and applicable provincial grants) on your behalf?
- Will all of my deposits (i.e. contributions and account opening fees) attract CESG?
Additional funds
- Will I receive any bonuses to my plan aside from government grants?
- Is there a sales charge or other fee refund?
Flexibility
- Can this education savings plan be transferred to any other child? If so, up to what age?
- How flexible is the choice of schools and academic programs covered by this education savings plan?
- What happens to my RESP income if my child does not attend post-secondary studies?
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