GATINEAU, QUEBEC, August 1, 2008 - The Honourable Monte Solberg, Minister of Human Resources and Social Development Canada, today released a report titled Review of Registered Education Savings Plan (RESP) Industry Practices.
"Our Government is committed to ensuring that every child in Canada has access to a post-secondary education," said Minister So lberg. "Our Government also wants to make sure that the practices used to promote RESPs ensure that Canadians who save for their child's education can fully benefit from their investments in the future."
The review was initiated to ensure that th e assets held in RESPs are administered properly and effectively, that there is consistency between RESP industry practices and the Government's education savings policy, and to respond to concerns raised by RESP holders.
"Our Government will cont inue to work with consumers, the provinces and territories and the RESP industry, to ensure that Canadians receive the necessary information required to make informed decisions about their savings options," added Minister Solberg.
Investments in RESPs have grown significantly since the introduction of Canada Education Savings Program incentives in 1998. By the end of 2007, RESP assets exceeded $23 billion, while Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB) contributions w ere approaching $3.8 billion.
The report, Review of Registered Education Savings Plan (RESP) Industry Practices is available online at http://www.hrsdc.gc. ca/en/publications_resources/evaluation/index.shtml
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This news release is available in alternative formats upon request.
For further information (media only):
Lesley Harmer
D irector, Communications
Office of Minister Solberg
819-994-2482
Media Relations Office
Human Resources and Social Development
819-994-5559
