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If money is tight (a job loss or unexpected emergency), you should be able to skip a contribution to the RESP.
Your flexibility is limited if you originally signed up for a regular contribution schedule.
The longer you have been contributing to a plan, the more important it is that you continue to do so.
What should I do if I have already enrolled in a Group RESP?
It makes no sense to stop contributing to a scholarship plan because only your contributions less fees are returned to you.
For an overview of how a Group RESP plan works, you can refer to pages 25 to 32 of this prospectus. You should keep in mind that there is no such thing as a free lunch. In a typical plan, you’ll pay an enrolment fee of 0 per unit.
Scholarship plans are heavily promoted at doctor’s offices throughout the country. If you enrol your newborn in a group plan, you are agreeing to invest 5 for each unit every year.