في هذا الدرس
What to ask before you sign
Start with the grants. Check that the provider offers the Canada Learning Bond and, if you live there, B.C.'s BCTESG or Quebec's QESI. Canada.ca's list of RESP promoters shows federal and B.C. grant support for each provider's legal entity, and Revenu Québec keeps its own QESI list.
Then ask about money and rules. The federal brochure on choosing an RESP suggests these questions, and asking for the answers in writing:
- What fees do I pay to open, manage and withdraw from the RESP?
- Do I have to make regular payments, and what happens if I miss one?
- Which programs are excluded from education payments?
- What happens if my child doesn't go on to school?
- Are there penalties if I close the RESP early?
How the types of provider differ
Banks and credit unions mostly offer RESPs through advisors, often with GICs and mutual funds. Online brokerages let you choose your own investments, usually with low or no account fees. Managed portfolios, or robo-advisors, build and rebalance the investments for a yearly fee. Scholarship-plan dealers sell group and individual plans with their own fees and contribution rules.
In our provider reviews, yearly RESP account fees range from $0 to $100, and moving an RESP to another provider costs $0 to $200. Fund fees come on top of those; Module 4 covers them.
Provincial grants and opening the account
Provider support matters most in B.C. and Quebec. A participating provider must request the BCTESG between the child's 6th birthday and the day before they turn 9; if your provider doesn't offer it, you can open a second RESP at one that does. The QESI is only paid through providers on Revenu Québec's list.
To open the plan, you'll need Social Insurance Numbers for yourself and the child. You choose an individual or family plan, name the child as the beneficiary, and ask the provider to apply for every benefit your child may qualify for.
مثال تطبيقي
A family in Surrey shortlists a bank and an online brokerage. Both offer the CESG, the Canada Learning Bond and the BCTESG. The brokerage charges no account fee but they'd pick the investments themselves; the bank's advisor would choose funds for them, at a higher fund fee. They decide based on how much help they want.
اختبر ما تعلّمته
اختر إجابة لترى إن كانت صحيحة.
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أظهر الإجابة
الإجابة: Canada.ca's list of RESP promoters. The promoter list shows grant support for each provider's legal entity. One brand can have several entries with different support.
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أظهر الإجابة
الإجابة: The transfer-out fee. Moving an RESP costs $0 to $200 in our reviews. There's no fee to receive the CESG.
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أظهر الإجابة
الإجابة: It must be on Revenu Québec's QESI list. Only providers on Revenu Québec's list can request the QESI.
دورك الآن
Shortlist two providers and compare grant support, transfer fees, ongoing costs, investment options, and withdrawal processing.
- Pick two providers from the provider directory.
- Check each one on Canada.ca's promoter list, and on Revenu Québec's list if you live in Quebec.
- Compare yearly account fees, transfer-out fees and fund fees.
- Ask each how school withdrawals are requested and how long they take.