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RESP

A good RESP is always very flexible

Not all Registered Education Savings Plans are equal. Meet with an advisor to get the facts straight.

An RESP is a tax tool introduced by the federal government to help you save for your children’s education. There are a myriad of products on the market and three main classes of plans.

• Individual plans
• Family plans
• Group plans

There is a common misconception that you must deal with a specialized RESP firm to get one. In reality, you can get one by going directly to your bank or contacting your group savings representative.

RESP-based family strategies

At VotreConseiller.net, many of our family strategies include RESPs. Did you know that you can technically have the same investment product in your RESP as in your RRSP or TFSA? Let’s get it straight: the RESP is just the investment’s tax regime. It doesn’t produce the return; it’s just the container. It’s the content that produces the return. It’s the mutual fund you select that will pay dividends and make the investment grow.

Select the best product for you

The investment horizon is not the same for an RESP as it is for an RRSP or a TFSA. Your advisor will analyze with you which product is best for you. The key point is that the RESP is a plan that can be very rigid, but also very flexible, depending on your choice. We always favour a flexible approach so you can halt your contributions at any moment without penalty. You can also change the funds over time or decide to transfer your investment to another financial institution if you wish. We will always try to help you optimize the use of the RESP to maximize the subsidies you are entitled to.

Analyzing your options carefully

If your child is a newborn, there’s no harm in waiting a few months—even a few years—before starting to contribute. The sooner the better, but not to the extent of not taking the time to carefully analyze what your options are.

This is our approach

To learn more, meet with a VotreConseiller.net advisor.

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