For guaranteed processing, Diploma applications and PAD increase requests must be received by May 12, 4pm (ET).
As previously announced, the Diploma RESP product will no longer be available for new sales from May 26, 2023, 4pm (ET).
Existing clients will maintain their contracts, and monthly pre-authorized debits (PADs) will continue as usual.
Key dates
|
Deadline to ensure processing by May 26:
|
May 12, 2023 Requests received later may be processed on time, though this cannot be guaranteed. |
| Diploma product closed to new sales and PAD increases no longer possible. |
May 26, 2023 We will refuse requests received after this date. |
After May 26, 4pm (ET):
Clients with a Diploma RESP will no longer have the option to increase their monthly PAD amount. They may, however, continue to make lump-sum contributions to their RESP.
No action is required by the advisor or the client.
|
Between now and May 26 It is important to consider the impact of selling a product for which a change will soon take effect. Before closing a sale of the Diploma product, the client must be aware of the upcoming changes. Now is the time to make My Education+ your go-to for education savings!
Visit ia.ca/SellRESP to learn more! |
