What questions should I ask when
I’m setting up my RESP account?
Not all RESP accounts are the same. While most will not cost you anything, some RESP accounts have fees, or require you to make a minimum deposits into the account. A few account types aren’t able to get you the Canada Learning Bond! It is helpful to ask the following questions before signing any contract:
- Will I be getting the Canada Learning Bondand Canada Education Savings Grant with this RESP account?
- What types of RESPs do you offer (family, individual and group)? What are the differences, and which is right for me?
- What investment options do you offer (high interest savings, GIC, mutual fund)? What are the pros and cons of each investment option?
- Do I have to pay any fees for opening the RESP, withdrawing money from it, managing it or for any other services?
- Are there any requirements for me to deposit money into the account?
- What will happen if my child does not continue his or her education after high school?
- If I have to take out some of the money or close the RESP early, will I:
- Have to pay fees or penalties?
- Lose the interest earned in the RESP?
- Be able to transfer the money to another type of RESP or registered investment product?