Allianz Education Funds Inc. has issued a reminder to Canada’s parents about the approaching December 31 deadline for Registered Education Savings Plans.

“RESPs are important to a parent’s piece of mind in this age of escalating tuition fees and student debt loads, but Canadiansneed to meet the deadlines and understand the regulations in order to maximize the benefits,” said Kevin Connolly, president and COO of Allianz Education Funds Inc., in a news release.

Allianz says contributors of existing plans need to be aware that RESPs require a Social Insurance Number for the beneficiary, even if that beneficiary is a very small child. Also, the child must also be a resident of Canada. Failure to provide a SIN could result in the plan being collapsed.

It reminds parents that an additional RESP perk is the federal government’s Canada Education Savings Grant, which adds 20% to annual RESP contributions (up to $400/year or a $7,200 maximum lifetime limit) until the beneficiary turns 18.

Allianz Education Funds has been distributing RESPs for nearly 40 years. It is a subsidiary of Allianz Life Insurance Co. of North America, which is a member of the Allianz Group, one of the world’s largest financial services organizations.