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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 RESPs. 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 clients' 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 RESPs.
- The maximum RESP contribution that is eligible for a CESG is $2500.
To read more official government documentation, please refer to the
appropriate Canadian government website:
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