Open a RESP

Opening or transferring a RESP account is easy. Just call us directly at 416-863-7777 or 1-800-387-9273 or email us at spiessmcgladeteam@scotiawealth.com to have pre-completed forms sent to you for your review and signature.

Talk to us about your specific circumstances so we can advise you on whether to open a FAMILY or INDIVIDUAL plan.

While you are waiting for the paperwork to arive, please check that you have SIN numbers for all of the beneficiaries. You can apply for a SIN number for your child at:

Check out Dynamic's RESP Calculator to see how much you need to save for your child(ren)'s education.

Don't forget your RESP in your will!

Did you know that should you, as the subscriber of the RESP, pass away before the RESP has been used by the beneficiary, the RESP does not pass automatically to the beneficiary. Rather it must be liquidated, becoming part of your estate, and all the CESG grants repaid to the government, never to be used for their intended purpose. Not what you had in mind!

A RESP must have a subscriber. If you are the grandparent of the beneficiary or beneficiaries, you can name one of the child's/children's parents as the "successor subscriber". Another option is to name a testamentary trust as the successor subscriber. In either case, you should also arrange for the successor subscriber to have sufficient funds to make future contributions, if that is your desire. This must be clearly stated in your will or back those grants go!

 

About RESPs ...
  

 



Contact Us

T.  416.863.RRSP (7777)
     1.800.387.9273
F.  416.863.7479
E. carl.spiess@scotiawealth.com
    allan.mcglade@scotiawealth.com

ScotiaMcLeod is a division of Scotia Capital Inc., member of CIPF.

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® Registered trademark of The Bank of Nova Scotia, used under licence. ™ Trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management™ consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. ("SCI"). Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of SCI. Insurance services are provided by Scotia Wealth Insurance Services Inc., the insurance subsidiary of SCI. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Underwriters (Financial Security Advisors in Québec) representing Scotia Wealth Insurance Services Inc. SCI is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

The Spiess McGlade Team is a personal trade name of Carl Spiess and Allan McGlade.