RESP Software Grants & Administration

RESP and CESG Administration

Managing the Registered Education Savings Plan (RESP) and the Canadian Educational Savings Grant (CESG), as outlined by the Canadian government, can be a formidable challenge for individuals and financial institutions alike. SIT's Portfolio Plus product has the capability to manage RESP's. Portfolio Plus takes care of creating the files that get uploaded to government computers and the files that get downloaded to indicate what grants are to be made to the contributor's bank account. If you have any questions on the RESP capabilities of Portfolio Plus give us a call at: 905-640-0808 and ask for Sales.

Some important points about RESP administration to consider are:

• Setting the client's expectations, making sure they know it is the Canadian government that actually decides what the CESG grants are, based on incomes.
• Ensuring that you've educated your customer on the benefits of the "family plan" versus "individual plan" for RESP's.
• The maximum, per individual RESP, that is eligible for a grant, is $2,500.

To read more official government documentation, please refer to the appropriate Canadian government websites, as noted below.

• Main Government RESP Website
• List of Government Related RESP Publications
• List of RESP Definitions and Glossary
• Alberta Education Website