Heritage, Knowledge First Financial, CST Savings, and Embark use fee structures that are intentionally opaque. This calculator estimates exactly what it costs to get out — and shows you what the money could grow to in a self-directed RESP instead.
Enter your plan details below. The calculator estimates your likely exit fees based on publicly reported structures for each provider, then shows a 10-year growth comparison between staying and moving to a self-directed RESP.
Estimates are based on publicly reported fee structures and are approximate. Actual exit fees depend on your specific contract. Request your plan's full fee schedule in writing before acting.
Group RESP scholarship plans are legal in Canada but sold under fee structures that frontload costs — meaning the longer you've been in, the less painful it is to leave. Here's the breakdown by provider.
| Provider | Fee name in your contract | < 3 years in | 3–10 years in | > 10 years in | Grants transfer? |
|---|---|---|---|---|---|
| Heritage Education Funds | Subscriber fees + sales charge | Lose all subscriber fees + sales charges. Balance can be near zero for small accounts. | Penalty decreases over time; significant "subscriber fee" deductions still apply. Expect 10–25% loss on contributions. | Fees mostly amortized; transfer out is less painful. Still review your contract. | Yes — always |
| Knowledge First Financial (KFF) | Enrollment fees | Forfeit all enrollment fees paid ($100–300/year of participation). May owe additional sales fees. | Enrollment fees already paid are forfeited. Annual contribution fees reduce over time. | Most enrollment fees are sunk. Exit is mainly an administrative transfer. | Yes — always |
| CST Savings / Embark | Enrollment fees + dealer fees | Forfeit enrollment fees paid. Early-year losses are significant. | Remaining enrollment fees still apply. Embark has reduced some fees post-rebrand but the structure is similar. | Remaining fees are smaller. Embark has a better reputation than Heritage but costs are still above self-directed options. | Yes — always |
| Other group plan | Varies by contract | Request your plan's full fee disclosure document (FD). Look for "subscriber fee", "enrollment fee", or "sales charge" language. | Same — read your contract. The key number is what you'd actually receive on a full transfer out. | Usually less painful after 10 years. Get the number in writing first. | Yes — always |
Heritage and the OSC: Heritage Education Funds has been subject to enforcement actions by the Ontario Securities Commission related to its sales practices and disclosure. It remains operational, but its track record with regulators is a legitimate factor when deciding whether to stay.
Group RESP plans split fees into "subscriber fees," "enrollment fees," "sales charges," and "annual administration fees" — often spread across different documents. When you ask what it actually costs to leave, you rarely get a straight answer from the plan rep who sold it to you.
Group scholarship plans invest in a pooled fund with no flexibility. You can't hold a XEQT or VEQT equivalent. You cannot change your asset allocation as your child approaches post-secondary. A self-directed RESP lets you shift from equities to conservative holdings in the final 2–3 years.
These plans are typically sold door-to-door or through referral networks by commission-paid agents. The salesperson earns significantly more in the first few years — which is exactly why the fee structure penalizes early exit. The plan is structured around the sales channel, not around what's best for your child.
A self-directed RESP at Wealthsimple, Questrade, or a bank lets you hold low-cost ETFs with a total MER under 0.25%. The CESG (20% match on first $2,500/yr) and any CLB amounts transfer with you — you keep the government grants no matter where the RESP is held.
If you're more than 15 years into a plan and your child is 2–3 years from post-secondary, the remaining fee exposure may be small enough that transferring isn't worth the hassle. The calculator will flag this scenario when relevant.
Note: This calculator uses estimated fee structures based on publicly available information and regulatory filings. Your actual contract may differ. Always request a written statement of what you'd receive on a full transfer-out before deciding.
The transfer process is standardized — the receiving institution initiates it. Here's how it typically works.
Pro tip: Do not close the old account first. Let the receiving institution initiate the transfer. Closing or withdrawing first can trigger different fee outcomes and may complicate the CESG transfer.
Wealthsimple RESP has no account fees and offers one-ticket ETFs like XGRO. Questrade charges no ETF purchase commissions. Both carry CESG just like a group plan — at a fraction of the cost.
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