Human Resources and Social Development Canada

Human Resources and Social Development Canada

August 01, 2008 17:52 ET

Government of Canada Releases a Review of Registered Education Savings Plan (RESP) Industry Practices

GATINEAU, QUEBEC--(Marketwire - Aug. 1, 2008) - The Honourable Monte Solberg, Minister of Human Resources and Social Development Canada, today released a report titled Review of Registered Education Savings Plan (RESP) Industry Practices.

"Our Government is committed to ensuring that every child in Canada has access to a post-secondary education," said Minister Solberg. "Our Government also wants to make sure that the practices used to promote RESPs ensure that Canadians who save for their child's education can fully benefit from their investments in the future."

The review was initiated to ensure that the assets held in RESPs are administered properly and effectively, that there is consistency between RESP industry practices and the Government's education savings policy, and to respond to concerns raised by RESP holders.

"Our Government will continue to work with consumers, the provinces and territories and the RESP industry, to ensure that Canadians receive the necessary information required to make informed decisions about their savings options," added Minister Solberg.

Investments in RESPs have grown significantly since the introduction of Canada Education Savings Program incentives in 1998. By the end of 2007, RESP assets exceeded $23 billion, while Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB) contributions were approaching $3.8 billion.

The report, Review of Registered Education Savings Plan (RESP) Industry Practices is available online at http://www.hrsdc.gc.ca/en/publications_resources/evaluation/index.shtml

This news release is available in alternative formats upon request.

Contact Information

  • Human Resources and Social Development Canada
    Media Relations Office
    819-994-5559
    or
    Office of Minister Solberg
    Lesley Harmer
    Director, Communications
    819-994-2482