2. Choosing an RESP

Understanding Group Plans

SmartSAVER gets more questions about one type of RESP than any other: the group RESP or scholarship plan.

Group plans can differ from individual plans in several ways. However, the key distinction below, offered by the RESP Dealers Association of Canada, should clear up much of the confusion:

Group RESPs promote disciplined savings and would interest families who can commit to regularly scheduled contributions.

Individual RESPs provide more flexible savings options and would interest families who cannot commit to regularly scheduled contributions.

Group plans are complicated financial investments and long-term commitments. If you are considering a group plan for your RESP, start by browsing these plan summaries. These summaries, which each group RESP provider is required to offer, help give you a quick overview of each group plan, including the fees you'll have to pay and the risks to your investment.

C.S.T. Consultants Inc.

Children's Education Funds


Heritage Education Funds

Knowledge First Financial