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Registered Education Savings Plans (RESPs) can be an effective way to save for post-secondary education, but different plans have different features, risks and costs. Find out more about these key things before you invest.
- Have you compared the different types of RESPs?
- Do you understand the fees you are expected to pay, and when?
- Do you know which investment options are available?
- Do you have to make regular contributions?
- Have you considered what kinds of post-secondary programs qualify?
- Do you know when and how you will receive payments from the plan?
- Do you know what happens if your beneficiary doesn’t continue with
their education after high school?
- Do you know what happens if you want to cancel the plan or transfer to a different plan? Is it easy to get your money out? Will you have to forfeit your earnings?
It's important to know that you can change your mind about RESPs.
For all plans offered by scholarship plan dealers, you have the right to withdraw all of your money within 60 days after signing your contract if you change your mind.
After 60 days, you can get your money back, less any fees. Scholarship plan dealers are required to provide a prospectus that includes a Plan Summary with the information you need. Be sure to read and understand this document.
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This resource is from the Ontario Securities Commission (OSC). They are responsible for regulating the capital markets in Ontario.
December 11, 2018