I recently read an article that talks about individual RESP and group RESP. Some plans would have:
- Hefty penalty fees when you cannot make the contributions
- No control over the investments
- Inflexible alternative options in the case your child does not get into post secondary school
Before you open up a RESP account, it is important to understand the different terms and restrictions. Below is the article that talks about the plan differences in more details.
If you would like to start a RESP that provides greater flexibility, feel free to contact me.