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Can I stop making contributions to my plan permanently?

I set up an RESP for my grandson. I will soon be retiring and my income will be lower. I would like to know if I can stop the contributions to my plan.

OUR ANSWER

Of course, it’s always possible to stop contributing to your RESP.  

If you set up a plan with a pre-established contribution schedule (monthly or annual), know that ceasing your contributions will affect the refund of your sales charges at plan maturity,1 as well as your investment goals.

If you chose to save at your own pace (one-time contributions), you can simply put the contributions to your RESP on hold, whether you have a group plan or an individual plan with us.

In all cases, if your financial situation has changed and the original agreement no longer suits your needs, there are several options available to you. We invite you to contact us so we can find the best solution according to your situation.

Our customer service team will help you determine the best option to allow you to benefit from your investment while respecting your budget.

Remember that we are always there to provide guidance if you need to change your initial game plan! Call us at 1 877 710-RESP (7377).

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Legal Notes

1. Sales charges may be withheld. However, these may be credited if you start contributing again to your RESP or open a new plan with Universitas.