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.