Frequently Asked Questions―FAQ

No, Kaleido takes care of everything! Once your RESP is open, Kaleido will apply for the grants on your behalf. Your representative will have you sign the required forms when you sign the contract. 

Just be sure to send us your Social Insurance Number (SIN) and the SIN of your beneficiary via your Client Space. This is essential to receive the grants your child is entitled to and to keep your RESP active.

As planned, you will receive a refund of your contributions at plan maturity,¹ even if your child doesn’t pursue post-secondary education. 

You can also choose one of the following options, under certain conditions²: 

• Transfer the RESP to another child 
• Transfer the accumulated income to an RRSP 
• Cash in your accumulated income (through accumulated income payments)

Yes. 

The Canada Revenue Agency requires this information to register your RESP. You must provide the SINs within 24 months of signing your contract for your plan to remain effective. 

But remember, the sooner we receive the SINs, the sooner you receive the grant money!

No, unfortunately that’s not possible. 

The child (or beneficiary) must be a Canadian resident at the time the RESP is opened and while contributions are being made. This is a legal requirement under Canada’s Income Tax Act.

Contact one of our representatives. 

They will explain everything you need to know about RESPs and answer any questions you may have. They have the expertise to offer advice based on your needs, your investor profile, and your savings goals.

You can open a registered education savings plan (RESP) if:

• you are 18 years of age or older and have a valid Social Insurance Number (SIN);
• your beneficiary has a valid SIN;
• your beneficiary resides in Quebec or New Brunswick.

Note that you can open an RESP for a child of whom you are not the parent, but you’ll need to have the information of the person responsible for the child (usually the person receiving the Canada Child Benefit).

Yes, you can open an RESP for a child you care about, even if you’re not the child’s parent. All the child needs is a valid SIN and to reside in Quebec or New Brunswick. 

You can open an RESP for someone up to the day before their 31^st birthday. You can contribute to this account for 35 years following the year in which it was opened.

However, please note that government grants are available only until December 31 of the year in which your beneficiary turns 17.

If your teenager is aged 16 or 17, there are also conditions to be met in order to qualify for grants. Consult our help tool to find out if this rule applies to you.

You can open an RESP without making contributions. However, to make the most of the generous government grants and reach your savings goal for your child, we recommend that you plan your contributions as soon as possible.

To open an RESP with Kaleido, you can make a virtual appointment with a member of our team.

You can also proceed easily and at your own pace with our online account opening tool available 7 days a week, between 6 a.m. and 10 p.m. 

If you have started a secure session that needs to be suspended, it will be automatically saved until your next connection. 

• Your complete contact information, including a valid e-mail address. 
• Your Social Insurance Number (SIN).
• Your bank details.
• Certain information about your financial situation and risk tolerance to establish your investor profile.
• Your beneficiary’s full name, SIN and date of birth.

If you’re not the person responsible for the child (the one receiving the Canada Child Benefit), you’ll also need their name, SIN and e-mail address. This information is required to confirm eligibility for all grants.

The SIN of the child and of the person opening and contributing to the account (the subscriber) is required to register the education savings plan with governments and confirm eligibility for grants. 

For security reasons and to comply with current legislation, Kaleido must verify the identity of any person wishing to open an RESP, either independently (online) or with a member of our team.  

Your account will be active approximately two (2) business days after we receive your electronic signature. You will then have access to your secure Client space.

What’s more, if you’ve programmed a one-time or monthly contribution in advance, it may take some time before the contribution is withdrawn from your account and invested in the RESP.

Opening an RESP online should take about 15 to 20 minutes. Your identity will then be automatically validated in less than an hour, after which all you have to do is sign your documents electronically.

Make sure you have all the information you need to facilitate the process. If you have any questions along the way, you can always click on “Need help” to contact us.

Yes, of course! Your information is automatically saved and stored securely until you log on again. 

We use a partner, Flinks, which verifies your identity using a secure connection to your financial institution.

Once you’ve completed your online application, simply follow the steps to start the process. It’s all done automatically, in less than an hour, so you can get on with your day.

Once verification is complete, a confirmation e-mail will be sent to you to proceed with the electronic signature of the documents, and that’s all there is to it!

Note that you can also choose to verify your identity and electronically sign your documents by making a (virtual) appointment with a member of our team.

Yes. Your personal and financial information is collected and stored according to the highest security standards. In addition, your Social Insurance Number (SIN) and banking information are only transmitted once the identity verification process has been completed.

You can start making contributions as soon as your child is born. You’ll get the most out of your RESP by investing early. 

And if your child is already hitting their teen years (it goes by so fast!), don’t worry! It’s never too late to open an RESP. You can make up for unused grants in previous years, so investing late still offers plenty of advantages.

It all depends on which type of RESP you open. 

With our IDEO+ line of RESPs (Conservative, Adaptive, and Responsible), you decide how much to contribute and how often from among the options available. You can choose to make monthly or one-time contributions.³  

To find out which product is best suited to your situation, talk to one of our representatives.

Yes, depending on the RESP you choose. 

With our IDEO+ line of RESPs (Conservative, Adaptive, and Responsible), you can reduce or increase your contributions, change your monthly contribution schedule, or easily make a one-time contribution to meet your personal needs and goals. You are not required to make regular contributions. 

If you would like to make changes to your contributions, contact us and we’ll help you find the best solution for you.

No extra steps are required to start receiving government grants once you open an RESP. The money your child is entitled to is deposited directly into their RESP based on your contributions. 

Want to get an idea of how much your child could receive? Try our RESP calculator!

Eligible post-secondary educational institutions include CEGEPs, universities, trade schools, colleges and other educational institutions accredited by the Employment and Social Development Canada Minister. For more information, consult the List of Designated Educational Institutions in Quebec and New Brunswick on the Government of Canada website.

Not at all! Our plans provide educational assistance payments (EAPs) for all levels of post-secondary education, including trade school programs.⁴

Yes, it is. 

Our RESPs allow your beneficiary to pursue post-secondary education outside of Canada if they wish. EAPs will be issued based on the criteria set out in Canada’s Income Tax Act, subject to investment risks and applicable fees.

The subscriber decides when to withdraw EAPs for a beneficiary pursuing an eligible program of study. They can also determine the amount, subject to legal limits. Payments can therefore be made according to the student’s needs. 

See our prospectus for more information on calculating EAPs.

The criteria correspond to those of the Income Tax Act (Canada).

The beneficiary can receive EAPs once he or she is enrolled in a qualifying educational program or a specified educational program. The student can attend school in person or be registered in a distance learning program, and is entitled to receive EAPs for up to six months after ceasing enrolment.

• A qualifying educational program corresponds to full-time studies:
  • The program must last at least three consecutive weeks.
  • The student must spend at least 10 hours per week on courses or work in the program.
• A specified educational program corresponds to part-time studies:
  • The program must last at least three consecutive weeks.
  • The student must spend at least 12 hours per month on courses or work in the program.
  • The beneficiary must be at least 16 years old.

For more information about eligible programs, see the List of Designated Educational Institutions in Quebec and New Brunswick on the Government of Canada website.

Yes. Educational assistance payments can be used to cover tuition and all other education-related expenses, such as housing, school supplies, computer equipment, food, transportation, car expenses, and more.

You can apply for educational assistance payments (EAPs) as soon as your child is enrolled in school. EAPs include the grant money in your plan as well as the income earned on both the grants and your contributions.

Once the beneficiary meets the qualification criteria, you can withdraw an educational assistance payment (EAP). The EAP application must be submitted via the subscriber’s Client Space. Simply follow these instructions:

1. Log in and click on the “My RESPs” tab, select “Withdraw sums" and then “Apply for EAPs";
2. Choose a beneficiary and then select the plan from which you want to withdraw an EAP;
3. Enter the amount you wish to withdraw;⁵
4. Enter your beneficiary’s post-secondary education information.
5. Click on “Choose File” to attach your beneficiary’s proof of enrolment;
6. Select the EAP recipient (person who receives the payment) and enter the applicable banking information.

To apply for an EAP, you must include proof of recent enrolment in eligible post-secondary studies.

To ensure acceptance of your document and avoid processing delays, the proof of enrolment you submit must include the following information:

• Full name of student (beneficiary)
• Name of educational institution
• School period concerned
  (The student may receive educational assistance payments for up to six months after completion of studies in an eligible program.)
• Full—or part-time student status

Examples of accepted proof of enrolment documents:

• Certificate of enrolment
• Course calendar or schedule
• Academic transcript
• Tuition and Enrolment Certificate (T2202, T2202A or TL11A)

Examples of non-accepted proof of enrolment documents:

• Proof of acceptance or admission
• Payable invoice
• Student ID

For the full-time student

• The educational program must be for a minimum of three consecutive weeks.
• The student must spend at least 10 hours per week in class or on assignments.

A beneficiary is eligible for up to $8,000 in EAPs for the first 13 weeks of eligible studies in the last 12 consecutive months. Any withdrawals in excess of this amount can be made only after this 13-week period, as per the Income Tax Act (Canada).

For the part time student

• The educational program must be for a minimum of three consecutive weeks.
• The student must spend at least 12 hours per month in class or on assignments.
• The beneficiary must be at least 16 years old.

A beneficiary who is an eligible part-time post-secondary student may receive a maximum of $4,000 in the 13 weeks prior to receiving an EAP.

You can start applying for the refund of your contributions and EAPs as soon as your beneficiary enrols in a post-secondary program of study.

You manage the EAP withdrawals throughout your child’s school career, choosing the amount and timing of your withdrawals.⁵ We encourage you to spread the EAPs so these last the entire length of your child’s education.

Read our blog article Smart RESP Withdrawal Strategies to find out more.

At this stage, the government requires proof of enrolment in a post-secondary program in order to keep the grant money accumulated for your beneficiary. 

If your child is not yet enrolled in a post-secondary program, you have two options: 

1. Wait until they are enrolled before applying for a refund of your contributions. This will ensure the grant money stays in your plan for future educational assistance payments.  

1. Request a refund of your contributions. Important note: In this case, the grant money will be returned to the government! 

In both cases, your beneficiary is still entitled to their EAPs. (If you choose the second option, the EAPs will only include the earnings on your contributions.) They can claim them until the plan expires. 

An RESP expires on the last day of the 35th year following the year the plan took effect.

Once the plan reaches its maturity date, the subscriber can apply for a refund of contributions (ROC) via the Client Space.

To get started, click on the “My RESPs” tab and select “Withdraw sums” and then “Refund of contributions.” Select a beneficiary and then the plan from which you wish to withdraw an ROC. Next, you must select the status that applies to your beneficiary (post-secondary student or not). The refund will be transferred to your bank account within 4 to 8 days following your request.

When the time comes to apply for your refund of contributions, send us one of the following documents to ensure the grants received aren’t returned to the government:

• Letter of acceptance (conditional or official) for admission to a post-secondary program
• Recent proof of enrolment to post-secondary education
• A class schedule for the current or upcoming semester
• Proof of tuition payment for the upcoming semester

The government grants, their income, and the income earned on your savings will make up the educational assistance payments (EAPs) the student will receive. 

The balance, which corresponds to the value of the contributions made throughout the savings period, comes back to you at maturity, subject to investment risks and applicable fees.¹ You can then choose to pass on this amount to the student or use it as you see fit. Remember that this refund is tax-free!

No, not one cent!

Only educational assistance payments (EAPs) are considered taxable income for the beneficiary for the year in which they are received. For more information on this subject, read our blog article: It's Tax Season Again! Got RESP Questions?

To sign up, you must be the subscriber or beneficiary of an RESP with Kaleido. Click on the MY CLIENT SPACE tab in the boxed section to get started.

You can register with or without your ID number. You will first need to create your user profile. Once you confirm your email address and select a security question, you will receive an email from Kaleido with an activation link. Click on this link to complete your registration.

Simply log in to your Client Space to edit your contact information.

The safest way to send us a SIN is through your Client Space. Create your account or sign in with the six-digit ID number provided when you opened your RESP. Once connected, you can add your child’s SIN in the “My Profile” section.

You can view your RESP account balance in real time via your Client Space under the “Balance” tab. Follow the growth of your savings in just a few clicks―anytime, anywhere!

Yes, it is! 

Whether you have an RESP from the IDEO+ line (Conservative, Adaptive, or Responsible) or an older Kaleido plan, you can change your beneficiary until they are 21 years old, under certain conditions. See our prospectus for more details. 

Contact us to learn more.

Please contact our Customer Service to make any of the following changes to your contract:

• Change of subscriber
• Change of beneficiary
• Temporary interruption of contributions
• Decrease in the amount of your contributions
• Plan cancellation

Our team is there to listen and will provide all the details to ensure you make a well-informed decision.

The ID refers to your personal six-digit identification number. Both the subscriber and the beneficiary are issued an ID number at the time the RESP is opened.

This number appears on your account statements and on any correspondence sent by Kaleido.