Registered Education Savings Plan( RESP)
Here are some questions you may want to ask before you open an RESP.
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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? �
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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
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