Here is everything you need to set up a ScotiaMcLeod RESP:
|Account Application||Print off and complete this form. It is your starting point for openning any new account,
including a RESP account. Review the appropriate 'Terms and Conditions' document: Terms and Conditions for INDIVIDUAL plans, or Terms and Conditions for FAMILY plans.
If you have questions about filling out these forms, please contact your advisor.
|Self-directed Family Education Savings Plan Application||Print off and complete this form to set up a Family (i.e. with more than one beneficiary) RESP. Note that it is a legal 8.5x14 sized page, and needs to be printed on legal paper. Return page 1 to ScotiaMcLeod. Pages 2 through 4 are for your reference.|
|Schedule A||Print off and complete this form if there are to be more than 2 beneficiaries in your RESP. Print and complete as many copies as are required to include all the beneficiaries.|
|Scotia Self-directed Individual Education Savings Plan Application||Print off and complete this form to set up an Individual (i.e. only one beneficiary) RESP. Note that it is a legal 8.5x14 sized page, and needs to be printed on legal paper. Return page 1 to ScotiaMcLeod. Pages 2 through 4 are for your reference.|
|CESG Grant Application (parent) form||Print off and complete this form, one for each
child, so that we can apply for the CESG grant(s) on your behalf.
(NOTE: If you are NOT the legal guardian/custodial parent of the child/children in question - i.e. this would apply to grandparents/aunts/uncles - please use this form instead: CESG Grant Application (non-parent) form.)
|SIN Number Application Site, or
Newborn Registration Service (AB, BC, ON, NS and QC, only)
|Apply for your child's SIN# from Service Canada.
Note: In many provinces (AB, BC, ON, NS and QC, only), you can now apply for your child's SIN# when you register his/her birth and apply for birth certificates. See Newborn Registration Service.
|Pre-Authorized Contribution Agreement for RESPs||Set up an optional Pre-Authorized Contribution plan (PAC) to have small regular contributions made to the RESP directly from your bank account. Many investors find this helps with their cash-flow planning.|
If you are transferring your RESP from another institution, you will also need:
|RESP Transfer Request||Print off and complete this form to have your RESP transferred to ScotiaMcLeod.|
|Transfer Authorization for Registered Investments||Print off and complete this form to keep Revenue Canada in the loop on where these assets are.|
|Include a recent statement||We need a copy of a recent statement in order to complete the transfer.|
Click here if you don't have Adobe Acrobat Reader or can't download the above forms.
Mail or Fax the completed forms to your ScotiaMcLeod Wealth Advisor.
Note: ScotiaMcLeod charges an annual fee of $53 per year for self-directed RESPs (which is waived for clients with over $150,000 in assets with ScotiaMcLeod). We will arrange a no-annual-fee RESP directly with a preferred fund company (eg. Fidelity) for smaller accounts.
Check out Dynamic's RESP Calculator to see how much you need to contribute.
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 governement, 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 suffiencient funds to make future contributions, if that is your desire. This must be clearly stated in your will or back those grants go!