Saving for a child’s post-secondary education is an important financial goal for many Canadians. Government contributions, including the Canada Learning Bond and the Canada Education Savings Grant, can assist in meeting education savings goals. Some RESP options are more expensive than others – FAIR Canada encourages Canadians to do their research before selecting an RESP. Below are links to impartial information. You can also visit Regulators’ Financial Literacy Websites for more resources and calculators.
SmartSAVER is an unbiased resource for RESP information. SmartSaver provides information on where to open RESPs with low or no fees.
CSA Finalizes Plan Summary for Scholarship Plans (FAIR Canada’s overview of scholarship plan changes)
If you have already opened an RESP account, you can make a request to the Canada Education Savings Program to obtain a Statement of Account (www.canlearn.ca/eng/savings/contact_cesp.shtml). The statement will provide information on the amount you have contributed, the financial institution where it is held and the associated amount of grant provided.