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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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