Effective May 26, 4pm (ET), in line with regulatory requirements regarding the deferred sales charge (DSC) option, the Diploma RESP product will no longer be available for new sales.
Existing clients will maintain their contracts, and pre-authorized monthly contributions (PADs) will continue as usual.
After May 26, 4pm (ET):
Clients with a Diploma RESP will no longer have the option to increase their monthly pre-authorized debit (PAD) amount.
- These clients may, however, continue to make lump-sum contributions to their RESP (by cheque, one-time PAD or through internet banking).
No action is required by the advisor or the client.
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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. From now on, make My Education+ your go-to for education savings!
Visit ia.ca/SellRESP to learn more! |
Client communication
- View the letter and rider that we will be sent to all Diploma contract holders at the end of March via My Client Space, or by post depending on their communication preference. The distribution will be spread out over a one week period.
- From March 13, in the Advisor Centre, download the list of your clients who will receive the letter and rider: My Clients > Obtain your clients’ investment data.
Key dates
| March 13, 2023 | |
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End of March 2023 |
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Deadline to ensure processing by May 26:
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May 12, 2023 Requests received later may be processed on time, though this cannot be guaranteed. |
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May 26, 2023 4pm (ET) |
