What does Myrtle’s individual RESP plan allow her to do?

Myrtle's individual RESP plan allows her significant flexibility and control over her savings for Zephania's education. This plan enables her to determine both the deposit and payout schedules according to her financial situation and goals, which can be especially beneficial as her circumstances change over time. Additionally, she has the authority to select the investment vehicles suitable for her risk tolerance and investment strategy. This could include a range of options such as mutual funds, stocks, bonds, or GICs, which can be tailored to optimize growth potential for the education savings.

The other options suggest limitations or restrictions that are not characteristic of an individual RESP plan. For instance, having a fixed contribution plan imposed by the government does not reflect the more personalized nature of an individual plan, where contributions can be adjusted according to preference. While there may be guidelines on how often investment vehicles can be changed, the assertion that changes are limited to once a year does not align with the typical flexibility provided in an individual RESP. Lastly, while there are rules about when funds can be accessed, Myrtle does have options for accessing her funds for other approved educational expenses before Zephania reaches college age, depending on specific criteria, indicating that she isn't entirely barred from making withdrawals early.