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RESP Software

Software for creating and administering Registered Education Savings Plans (RESPs).

Education is the best gift ever.

Managing the Registered Education Savings Plan (RESP) and the Canadian Educational Savings Grant (CESG), as outlined by the Canadian government, can be a formidable challenge for individuals and financial institutions alike. SIT's Portfolio Plus product has the capability to manage RESPs. Portfolio Plus takes care of creating the files that get uploaded to government computers and the files that get downloaded to indicate what grants are to be made to the contributor's bank account. If you have any questions on the RESP capabilities of Portfolio Plus, give us a call at 905-640-0808 and ask for Sales.

Understand the RESP & CESG.

Some important points about RESP administration to consider are:

  • Setting the clients' expectations, making sure they know it is the Canadian government that actually decides what the CESG grants are, based on incomes.
  • Ensuring that you've educated your customer on the benefits of the "family plan" versus "individual plan" for RESPs.
  • The maximum RESP contribution that is eligible for a CESG is $2500.  

To read more official government documentation regarding the Registered Education Savings Plan, please refer to the Canadian Revenue Agency website.

RESP Software Architecture

SIT's RESP Administration software securely exchanging your data using XML, so the RESP submission, approval, valuation, and reconciliation processes are all handled electronically.

Diagram depicting RESP software architecture.