Opening an RESP

The registered education savings plan (RESP) is a unique and advantageous investment, especially in the province of Quebec, where both levels of government offer substantial grants to encourage education savings. Government grants can supplement RESP contributions by up to $12,800―no one wants to leave that kind of money on the table! So, how exactly does one open an RESP to enjoy this funding?

First off, you must ask to be contacted by completing our online form. A scholarship plan representative in your area will then get in touch with you to book an appointment. While most parents like meeting with their representative at home, an appointment at our offices is always possible.

WHAT YOU SHOULD KNOW ABOUT THE RESP

There are different types of RESPs and several ways to contribute. Our scholarship plan representatives can answer your questions, offer guidance and recommend a plan that’s right for you!

Not sure you can afford to save for school right now? We get it: young families often juggle multiple financial priorities, so we offer savings options for every budget. There’s no need to wait; you can start small and increase your contributions later on. The earlier you begin to contribute, the sooner your child receives grants and the longer these grow. This can make an even bigger difference if you’re eligible to the Canada Learning Bond (CLB)―a grant that gives your savings a real kick-start at plan opening.

And there are other perks too! Once you open your RESP, you can take advantage of special occasions to make extra contributions every now and then. Our RESP gift certificates are a great alternative for family and friends to offer a meaningful birthday gift by chipping in for your child’s post-secondary education—rather than an umpteenth toy! Ask your representative for more info and check out our Grandparent Program.

HAVE A ROUGH PLAN READY

The RESP is first and foremost an investment, but it’s also a savings project for your child’s future. Before setting up your plan, here are some points to consider:

• How important your child’s post-secondary education is to you.
• How you foresee your child’s school career: will he or she live at home? Study abroad?
• How much you expect this education will cost: do you expect your child to pitch in, or would you prefer they don’t have to work? Read our article to learn more about the cost of post-secondary education.
• As an investor, what’s your priority: safety or profit? What is your level of tolerance to risk?

Your RESP should reflect your values, but also your budget. Run the numbers again. Do you know how much you can afford to save? Is this money strictly for post-secondary education or other needs as well? What are your short- and long-term goals? Does your family have insurance coverage? We know making a budget can be tricky; we suggest this article for some guidelines.

No financial acrobatics needed; these pointers are simply meant to help you establish a general snapshot of your finances. When you meet with your representative, he or she will be able to guide you and suggest a plan suited to your needs.

WHAT TO HAVE AT HAND

To open an RESP, you will need to provide the following information:

• The child’s social insurance number (SIN) as well as your own. If you are not the child’s primary caregiver (person who receives the Canada Child Benefit), we will also need the latter’s SIN.
• Your banking information, with a voided cheque (paper or electronic version).
• Your financial information, such as your family income, assets and liabilities.

With their expert knowledge of RESPs, our representatives provide tailored recommendations and guidance every step of the way. Education is at the heart of our mission and, just like you, we want your child to succeed. At Kaleido, you’ll find dedicated employees and representatives, as well as complementary products and services for every stage of your child’s education. Families can enjoy peace of mind knowing their savings are safe and their children’s future is in good hands.

Amélie Fortin, Scholarship Plan Representative