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As with all investments, there will be fees and costs associated with your RESP account. There may be an annual administration fee that the financial institution administering the RESP account will charge and there may be certain investment costs that impact your RESP savings.

Family and Individual RESP fees

A few of the possible fees impacting Family and Individual RESP accounts are listed below:

  • Sales Charges  (if you invest in mutual funds and segregated funds)
  • Management Fees  (which could include annual investment management fees and administration fees associated with holding mutual funds, segregated funds, Exchange Traded Funds, fee investment programs, etc.)
  • Commission or Transaction Fees  (may impact your savings if you buy and sell stocks, bonds, Exchange Traded funds, etc.)

Note: These investment fees will negatively impact your savings and the income they earn, so you should be aware of the costs associated with your RESP account.

Group RESP fees

For Group RESP accounts, you may be required to pay fees such as the following:

  • Plan Enrollment Fees
  • Annual Administration Fees
  • Investment Management Fees
  • Depository Fees
  • Trustee Fees

In most cases, the Group RESP fees are deducted from your earlier annual contributions, which subsequently diminish the accumulated RESP savings and their ability to earn income.

For a more detailed discussion about investment costs, refer to our section Class Room – Investment Costs.

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