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How to Choose a Broker

by Maxine
Posted August 1 2010 12:36am
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When looking for an RESP provider, it is important that you shop around and ask questions. Be sure to choose a company that you feel comfortable with, as you will be working with said company throughout the lifespan of your RESP.

RESP providers may be from a bank, a mutual fund company, a discount brokerage, or another financial institution. They must be registered and regulated by the government. They will help you pick the plan that works best for your situation and will offer you advice on making safe investments for your money. Your provider will manage the payments when your child starts post-secondary education and needs to collect the funds.

Your provider will also help you manage your contributions should your child decide not to continue his or her education after high school.

Be sure to ask many questions, as RESP providers offer different plans that have different rules or restrictions. Some charge service fees or limit the amount of money you can put into your plan. In some cases the terms of your contract dictate how often you can contribute and/or that you must make regular payments.

The Government of Canada suggests reading this information before choosing an RESP provider: http://www.canlearn.ca/eng/saving/resp/mcn.shtml and the offer a list of suggested questions to ask: http://www.canlearn.ca/eng/saving/resp/qrp.shtml

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