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Diploma RESP | Closed to new sales from May 26, 2023

March 9, 2023

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. 

 

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! 

  • All available federal and provincial grants
  • Flexible contributions based on your client’s budget and goals
  • Family and individual plans 
  • Access to all Classic Series 75/75 segregated funds, including managed and index solutions 
  • Eligible for Prestige Preferential Pricing 

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
  
  • Lists of letter and rider recipients  available in the Advisor Centre
March 13, 2023
  • Letters and riders sent to clients (My Client Space or post)
End of March 2023

Deadline to ensure processing by May 26:

  • Increase Diploma PAD amount
  • Confirm electronic Diploma applications
  • Receive paper Diploma applications at head office  

May 12, 2023 
4pm (ET)

Requests received later may be processed on time, though this cannot be guaranteed.

  • Diploma product closed to new sales
May 26, 2023
4pm (ET)

 

  

Topics : Savings, Investments

Written by iA

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