Better promotion, detail needed for RESPs

August 5, 2008

Last Friday, Human Resources and Social Development Canada released a review of RESP industry practices. The report found financial institutions are not actively marketing RESPs, and recommends the government encourage these institutions to be more pro-active in promoting RESPs through publicity, information material, and personnel training. The report also calls for better disclosure of specific features and potential outcomes of plans, as their performance is not effectively conveyed. The report recommends the federal government develop minimum standards regarding the governance structures of its partnering RESP providers. Canada News Release | Read the full report