Developing your plan of action

With a thorough understanding of your education savings needs and the options available, you and your advisor can work together to develop a plan of action.

Your advisor can recommend a plan for education savings based on the information you have compiled earlier in this guide. To help your advisor do the best possible job, be sure to

  • provide an accurate and complete picture of your current situation and future aspirations
  • review any recommendations, address any concerns, and ask questions so that you are completely comfortable before your plan is implemented

Always remember to keep your advisor informed of any changes that could influence your plan so that your advisor can recommend appropriate adjustments. With an open and honest dialogue, you can be sure that your advisor can develop the right course of action for your goals.

Questions to ask

Your advisor will want you to be comfortable with any recommended strategies or investments. The following questions can help ensure you fully understand how a strategy or investment will help you achieve your education-savings goals.


  • How will this strategy help me realize my education-savings goals?
  • What impact will it have on my other financial priorities?
  • What are the risks associated with this strategy?
  • What will this strategy cost me now, and when the time comes to use the money?


  • Why are you recommending this investment?
  • How will this investment contribute to my education-savings goals?
  • What risks are associated with the investment?
  • What will it cost me now, and in the future?
  • What is the performance record of this investment?
  • Will this investment be easy to liquidate when money is needed for education?
  • Who manages the investment? (Applicable to products such as mutual funds and segregated funds)
  • Are your receiving fees for the sale of this product? How much will you be compensated?


Questions for your advisor PDF document

Use this page to note any questions you have for your advisor about each of the main education savings options.

Getting good advice

Many education-savings options will require your child to have a Social Insurance Number (SIN). To open an RESP and to receive the CESG, you will be required to provide your child’s SIN. A SIN can be obtained free of charge from Human Resources and Skills Development Canada (HRSDC).

Application forms can be downloaded from or picked up at an HRSDC office. You’ll need original documents or photocopies authenticated by a notary public for proof of Canadian citizenship (i.e., birth certificate or Canadian passport) or proof that you are a permanent resident of Canada. Submit completed forms and all documents to your local HRSDC office. HRSDC estimates that you will receive the SIN in approximately three weeks.