Are you a Canadian parent looking to save for your child’s post-secondary education? If so, then you’re likely familiar with the Registered Education Savings Plan (RESP), a popular investment account designed to help Canadian families save for their children’s future educational expenses. However, with so many RESP providers in the market, it can be challenging to choose the best one for your needs.
In this blog post, we’ll provide you with everything you need to know about the best RESP providers available in Canada, with a focus on Toronto and Ontario. We’ll also cover some key factors to consider when choosing an RESP provider, so you can make an informed decision and ensure your child’s education is financially secured.
Factors to Consider When Choosing an RESP Provider
Before we dive into the best RESP providers available in Canada, let’s take a look at some of the key factors to consider when choosing one.
- Fees: Different RESP providers charge different fees for their services, including account setup fees, annual account maintenance fees, and investment management fees. Make sure to compare the fees of different providers to find one that offers reasonable fees that won’t eat into your savings too much.
- Investment Options: The investment options available to you will vary depending on the provider you choose. Some providers offer a wide range of investment options, including stocks, bonds, and mutual funds, while others may only offer a limited selection. Consider your investment goals and risk tolerance when choosing a provider with suitable investment options.
- Reputation: Choose a provider with a solid reputation for reliability, stability, and customer service. Look for reviews and ratings online and ask for recommendations from friends and family.
- Flexibility: Some RESP providers may have restrictions on how you can use your savings, such as limiting the types of post-secondary institutions your child can attend. Choose a provider that offers flexibility in terms of how and where your savings can be used.
Best RESP Providers in Canada
- Wealthsimple
Wealthsimple is a popular robo-advisor that offers an RESP account with low fees and a wide range of investment options, including socially responsible investment options. The platform also offers automatic contributions, making it easy to save for your child’s education regularly. Wealthsimple also offers a user-friendly mobile app that allows you to monitor your investments on the go.
- Questrade
Questrade is a self-directed online brokerage that offers an RESP account with low fees and a wide range of investment options, including commission-free ETFs. The platform also offers educational resources to help you make informed investment decisions.
- Justwealth
Justwealth is a robo-advisor that offers an RESP account with low fees and a variety of investment options, including socially responsible investments. Justwealth also offers automatic contributions and personalized investment portfolios based on your child’s age and investment goals.
- CST Spark
CST Spark is a subsidiary of the Canadian Scholarship Trust (CST), one of the largest RESP providers in Canada. CST Spark offers low fees, a variety of investment options, and the option to choose from different investment portfolios based on your child’s age and investment goals. The platform also offers a unique feature that allows you to transfer unused RESP funds to a Registered Retirement Savings Plan (RRSP) if your child decides not to pursue post-secondary education.