Registered Education Savings Plans (RESPs) are important savings vehicles for Canadian families to save for the post-secondary education of their children. With an abundance of RESP options available, it is important to take your time and carefully choose an RESP provider that best suits your needs.

There are many aspects of RESPs that need to be considered. Some RESP providers, for example, may charge service fees. Before you open an RESP, ask the RESP provider to explain any applicable fees, limits, penalties or requirements to make regular payments. We recommend you read the following documents as a starting point for helpful advice:

• Registered Education Savings Plan (RESP) Checklist (PDF Version, 322.92 kb, Ontario Securities Commission)
• Before You sign Any Contract: 10 Things You Need To Know (PDF Version, 72.35 kb, Financial Consumer Agency of Canada)

You can open individual or family RESPs through banks, credit unions, mutual fund companies, investment dealers, and group plan dealers. Group plans are offered and administered by group plan dealers. It is important to ask your RESP provider questions about the types of RESP plans and saving incentives they provide, the benefits, costs, and potential risks of the investment choices available under the plan that you choose.

Your investment options will vary depending on the plan and provider you choose. RESP providers may invest in options such as mutual funds, stocks, Guaranteed Investment Certificates, or savings accounts, all of which carry different risks and rates of return.

Helpful information on your investments can be found in:

• Saving for your child’s education: Get the facts about RESPs before you invest (PDF Version, 1.71 mb, Ontario Securities Commission)

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