Registered Education Savings Plan



It may be a coincidence, but when school starts in September, it seems I get to help with a lot of RESP cases. It’s one of the easiest sales. Who doesn’t want their children or grand-children to go on to post-secondary education?

And, where else can every dollar contributed automatically grow by 20% via the government grant?

We have Industrial Alliance and Manulife segregated fund based RESPs to choose from. IA has two plans, Diploma and My Education and Manulife has a basic RESP.

Manulife’s plan and IA’s My Education have features very similar to bank and mutual fund based RESPs. IA’s Diploma is a quasi-foundation plan with contractual deposit obligations and a bonus if certain conditions are met.

Diploma is appropriate for the client looking for a hands-off approach whereas the other products from IA and Manulife need more monitoring in return for more flexibility.

If you need to give a reason why post-secondary education is important, check out this link at the Conference Board of Canada. Higher education results in higher income.

Our next Money Monday, September 25th, is all about RESPs. I will present how RESPs work and IA’s and Manulife’s RESP product features. And, Ken Crosson from Empire Life will demonstrate Empire’s new electronic seg application. Hope you can make it.

Take care,

Scott Edgington Director of Wealth Qualified Financial Services scott.edgington@qfscanada.com 416-786-4140


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