Registered Education Savings Plan ( RESP )
Here are some questions you may want to ask before you open an RESP .
�
�
�
�
�
�
Does it cost anything to open an RESP , and is there a minimum amount of money needed to open an RESP ?
Once I have opened an RESP , will I have to pay any fees ? If so , what are they for and , how much will I have to pay ?
Do I have to make regular payments ? What happens if I miss a payment ? Do I lose my investment ?
How can I invest the money that I put into the plan ? What are the pros and cons of each investment choice ? Can the value of my investments go down ?
Can I withdraw money if I need it ? Are there fees and penalties for early withdrawals ?
Can I transfer the RESP to another person or another RESP provider ? What is the cost to transfer ?
� What happens if my child does not continue studies after high school ? �
Which educational programs can my savings be used for ? What if my child decides to go to school part-time ?
� What happens if I close my RESP early ?
� Can I switch plans ? How long can I keep the plan open ? �
�
Does the RESP provider offer all education savings incentives and provincial grants ?
Will you provide me with regular documentation on the status of my RESP and investments ?
Questions ?
Contact your bank , credit union or an investment advisor .
Or for general information contact the Canada Education Savings Program Telephone 1 800 O-CANADA ( 1-800-622-6232 ) or TTY 1 800-926-9105 .
Don ’ t have any extra money right now to open an RESP , but you still want to take advantage of the Canada Learning Bond grant ?
No problem ! There are RESP providers that do not require any contributions to open an RESP . Just ask !
RESPs
19