How do I get started?

Not all RESPs are created equal. Each education savings plan can vary depending on fees, commissions, types of investments held within the plan and expected rates of return. Like any financial decision, you should compare different RESP providers to make the best choice for you and your child. Follow this step-by-step approach to ensure you make the right decision for you and your family.  It's as easy as 1-2-3!

STEP 1.

> Do your research.

RESP comparison checklist

Here is a checklist to get you started on comparing RESPs. Asking the right questions will lead you to the right answers.

Principal protection
Checkbox image How will my money be invested?
Checkbox image Will it be invested to protect my principal?
Checkbox image How much of my money could I lose in the worst case scenario?
Fees and administration
Checkbox image 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
  • Transfer fees
  • Administration Fees and Sales Charges
Checkbox image What is the minimum amount I need to invest to open an education savings plan? 
Checkbox image Can my child receive Education Assistance Payments in their first year of study?
  • Does the promotor 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
Checkbox image Will I receive any bonuses to my plan aside from government grants?
Checkbox image Is there a sales charge or other fee refund?
Flexibility
Checkbox image Can this education savings plan be transferred to any other child? If so, up to what age?
Checkbox image How flexible is the choice of schools and academic programs covered by this education savings plan?
Checkbox image What happens to my RESP income if my child does not attend post-secondary studies?
Investment returns
Checkbox image What are the investment returns for the plan/investment selected?
Checkbox image What are the 1, 3, 5, 10 years rates of returns after fees?

STEP 2.

> Speak to an informed RESP representative. Our CST Sales Representatives are available to help you get started.

STEP 3.

> Start saving for your child's future.

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