What Is Resp Contract Number

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RESP, or a Registered Education Savings Plan, is a popular savings vehicle for Canadians to save money for their child`s post-secondary education. The government of Canada provides incentives for individuals who contribute to an RESP, such as the Canada Education Savings Grant (CESG).

When opening an RESP, the account holder will receive a contract that outlines the terms and conditions of the plan. This document is called the RESP contract and includes important information such as the account holder`s name, beneficiary`s name, contribution limits, and investment options.

One of the key pieces of information included in the RESP contract is the RESP contract number. This is a unique identifier that is assigned to each RESP account and is used to differentiate it from other accounts. The RESP contract number consists of a series of letters and numbers and is typically found on the front page of the contract.

The RESP contract number is an important piece of information to keep track of, as it is required for any transactions or inquiries related to the account. For example, if an account holder wants to make a contribution to their RESP, they will need to provide their financial institution with their RESP contract number to ensure the funds are deposited into the correct account.

Overall, the RESP contract number is a critical piece of information for individuals who have opened an RESP account. It is important to keep the contract in a safe place and to have the RESP contract number readily available for any future transactions or inquiries related to the account.