The cost of a Registered Education Savings Plan (RESP) varies widely. Financial institutions often charge nothing to help you set up a plan. Of course, you will pay other fees later, such as sales fees, investment management fees, and in some cases, annual account fees. Scholarship plan RESPs charge fees to join, plus annual fees. Make sure you understand the costs of any RESP before you sign up.
Comparing the costs of the two types of RESPs
This chart compares the costs for RESPs from a financial institution to scholarship plans.
| RESPs from a financial institution | Scholarship plans: Individual and Family | Scholarship plans: Group | |
| Are there fees to open an account? | Sometimes | Yes | Yes |
| Are there yearly fees? | Sometimes | Yes | Yes |
| Are there direct costs when you buy investments? | Often | No | No |
| Are there fees or penalties for special services? | Yes | Yes | Yes |
Learn more now...
Read more about what you'll pay for an RESP from a financial institution
Read more about what you'll pay for a scholarship plan RESP
The costs of RESPs: Roman and Rory's story
Roman and Rory have a new baby girl. They want to start early saving for her education in an RESP. Before they sign up, they want to understand the costs of different plans. Here's what they learn. Read The costs of RESPs: Roman and Rory's story.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.
