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I am not really sure,

as I am doing my kid's RESP in a self-directed way, rather than buying RESP products from those institutions. The government grant (Canada Education Savings Grant, 20% of your contribution up to $400 a year) has to be applied for by your promotor. (This is why they need your kid's SIN). The promotor is the institution where you get your RESP account set up. check this URL, [ http://www.hrdc-drhc.gc.ca/hrib/learnlit/cesg/012/004_e.shtml ], for the list contains the names and addresses of the active Promoters whose education savings plans are currently registered by the Canada Customs and Revenue Agency.

As far as I know, you would not pay any (for admin, processing, handling) if you have your RESP account open at the same institution, mostly banks, where you hold your RRSP account, I get them both at TD. I dont know about the situation other than this, you have to contact them directly about your interest and concern.
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Replies, comments and Discussions:

  • 枫下家园 / 理财投资税务 / RESP questions?
    Two RESP question:

    1. Is it mandatory to have SIN card for my kid before I apply RESP for him? I want to buy it from CST for my son.
    2. Is it mandatory to buy RESP from the agent not directly from the organization? I try to avoid to pay the commission.

    Thanks.
    • Re: ...
      1. Is it mandatory to have SIN card for my kid before I apply RESP for him? I want to buy it from CST for my son.

      \/\/\/\/ Yes, it is. They need this for the government grant.

      2. Is it mandatory to buy RESP from the agent not directly from the organization? I try to avoid to pay the commission.

      \/\/\/\/ Not necessary. You are able to buy directly from some institution, or even play with self-directed RESP available from financial groups, like banks.
      • One more quesion
        Thanks a lot for reply. One more question, if I buy RESP directly from financial institution, does it mean I do not need to pay commission and I can still get $200 per year government assistance?
        • I am not really sure,
          as I am doing my kid's RESP in a self-directed way, rather than buying RESP products from those institutions. The government grant (Canada Education Savings Grant, 20% of your contribution up to $400 a year) has to be applied for by your promotor. (This is why they need your kid's SIN). The promotor is the institution where you get your RESP account set up. check this URL, [ http://www.hrdc-drhc.gc.ca/hrib/learnlit/cesg/012/004_e.shtml ], for the list contains the names and addresses of the active Promoters whose education savings plans are currently registered by the Canada Customs and Revenue Agency.

          As far as I know, you would not pay any (for admin, processing, handling) if you have your RESP account open at the same institution, mostly banks, where you hold your RRSP account, I get them both at TD. I dont know about the situation other than this, you have to contact them directly about your interest and concern.
    • 1. Yes. 2, No.
    • 1. You don't have to, when you apply, but the number must be ready within 12 months. Which is not difficult. 2. You can't save your commission, even you deal directly with CST. some agent will give you something ...
      • 2. some organization doesn't deal with individal, must through agent. if you call them directly, they will assign a agent for you, and he/she get your commission.