Industrial Alliance RESP
Does anyone has any experience with the Diploma RESP offered by Industrial Alliance? A broker presented us the product, but I'm not yet convinced. I listed below some of the details I found so far.
One of the selling feature seems to be the 15% bonus you will receive after contributing for 16-17 years, but it's not clear if this is the only bonus or you are getting also year by year returns.
You receive an education bonus of up to 15% of your total contributions once your commitment has been fulfilled.
Also, it looks like the 15% is a one time bonus, at the end of the contract. I'm not too familiar with the financial world, but comparing this with the rather high MER (3.53%), it might not be too much of a bonus...
Any help will be greatly appreciated.
Official site: http://ia.ca/resp-diploma-my-education
Performance Data for Diploma Elementary: http://files.ia.ca/-/media/files/ia/pla ... -fu844.pdf
Performance Data for Diploma Secondary: http://files.ia.ca/-/media/files/ia/pla ... -fu845.pdf