Individual RESP vs Group RESP

Image linked from CanLearn.ca

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.

http://cawidgets.morningstar.ca/ArticleTemplate/ArticleGL.aspx?id=533910

If you would like to start a RESP that provides greater flexibility, feel free to contact me.

 

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