Canada Education Savings Regulations (SOR/2005-151)

8 Every trustee agreement shall include the following terms and conditions:

• (a) the trustee shall provide the Minister with any information that the Minister requires for the purposes of the Act and these Regulations;

• (b) the trustee shall maintain records and books of account that relate to the amounts paid under the Act in such form and containing such information as the Minister requires to enable the Minister to determine whether the amounts will be paid or are required to be repaid;

• (c) the trustee shall allow the Minister access to all documents and other information that the Minister requires for auditing payments or repayments made under the Act or these Regulations;

• (d) the trustee shall report to the Minister

  • (i) all contributions and transfers to, and all withdrawals and transfers from, an RESP that are made after 1997,

  • (ii) the portion of EAPs made from the RESP that is attributable to amounts paid under the Act, and

  • (iii) any other information related to the RESP that is specified in the trustee agreement;

• (e) the reporting referred to in paragraph (d) shall be done annually or within any shorter period that is set out in the trustee agreement;

• (f) the trustee shall submit all information to the Minister in a format and manner that is acceptable to the Minister;

• (g) the trustee may make a distribution from an RESP only if, at the time immediately after the distribution, the fair market value of the property held in connection with the RESP would not be less than the total of the balance in the grant account and all CLB accounts of the RESP, unless the distribution is an EAP made to a beneficiary of the RESP and all of the EAP is attributable to CES grants and to a CLB;

• (h) the trustee shall repay any amount required to be repaid to the Minister under these Regulations, other than the amounts payable by a beneficiary under subsection 12(2) and section 13; and

• (i) the trustee shall not charge fees related to the RESP against the balance of the grant account or the CLB account of any beneficiary of the RESP.