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Know what will happen if you miss a payment, terminate your plan, or wish to transfer an RESP between plans or beneficiaries.
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Read the Prospectus - if you don't understand it, don't invest until you do! If you change your mind after starting a plan, you do have up to 60 days to cancel your account at no cost to you.
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Understand how the salespeople are paid, and where those payments come from.
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Know what fees are involved, and when you will pay them.
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Don't make investments based only on verbal representation - get it in writing.
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Check the registration and qualification of your investment representative.
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Don't be a victim to aggressive marketing - do your research.
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Review the rules for the types of post-secondary education that are eligible under the RESP that you choose.
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How much work is being done to earn the management fees? If your money is being invested only in simple, low risk instruments like GICs and T-Bills, the management fees should be relatively low.
(The above is based on information provided by the Ontario Securities Commission)
