Online, electronic, or telephone applications

Registered education savings plan (RESP) promoters have various options for obtaining information from potential subscribers. When promoters gather client information using an “online, electronic or telephone” (hereafter referred to as “paperless”) application process, they must meet the following requirements:

• The information to be captured on the paperless application must be the same as what is required on the paper application form of an approved specimen. As long as the information on the approved application form is captured on the paperless version, the paperless application does not need to be submitted for our review.
• If the promoter does not have an approved specimen and wishes to capture information using a paperless application process (instead of a paper application form) then, in addition to the Declaration of Trust/Terms and Conditions and accompanying prospectus (as applicable), a hard copy of the screen shots, electronic form(s), or telephone script must be submitted for our approval. In this situation, the regular specimen approval process will be followed.
• The subscriber must be provided with the following:
  • a copy of the Declaration of Trust/Terms and Conditions and accompanying prospectus (as applicable), consistent with the approved specimen;
  • a contract number; and
  • a confirmation of the date and time of application.
• The promoter will consider the completed application as a request to apply for registration once the subscriber has provided consent. The promoter is responsible for determining what constitutes consent (such as the electronic or digital signature, or telephone acceptance).
• Your records must abide by the retention requirements found in the latest versions of IC78-10R, Books and Records Retention/Destruction, and IC05-1R, Electronic Record Keeping.

Please note that this does not apply to the application form for the Canada Education Savings Grant and the Canada Learning Bond or any other application forms for provincial grants and bonds into RESPs. Enquiries regarding these application forms must be directed to Employment and Social Development Canada or the appropriate provincial authority.