RESP's

  
     
April 08, 2014

1. Prospectus. Read this document describing the RESP and its rules before investing.

2. Fees. What fees and commissions are charged up front? Are they lost if you drop out of the plan? What fees are charged every year?

3. Deposits. What happens if you miss a deposit?

4. Transfers. When can the plan be transferred to another person?

5. Age limits. Does the child have to start school or graduate by a certain age to claim the money?

6. Timing. Will payouts be affected if the child takes time off before taking courses or in the middle of a program?

7. School. Are technical or trade courses eligible for the RESP, or just college and university programs?

8. Returns. What are the actual returns achieved by the RESP's investments? Could you do better with your own savings plan?

9. Insurance. Optional insurance that makes payments to the RESP if you die or are disabled may not be necessary if you already have insurance.