Comments on: Basics of Registered Education Savings Plans (RESP) http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Canadian Capitalist http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-1079794 Canadian Capitalist Tue, 08 Nov 2011 14:52:32 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-1079794 @Carlie: You can use RESP withdrawals towards anything: tuition, text books, laptop, clothes, beer or whatever :) You can find the withdrawal rules here: http://www.canlearn.ca/eng/saving/resp/program.shtml @Carlie: You can use RESP withdrawals towards anything: tuition, text books, laptop, clothes, beer or whatever :) You can find the withdrawal rules here:

http://www.canlearn.ca/eng/saving/resp/program.shtml

]]> By: Carlie http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-1075506 Carlie Mon, 07 Nov 2011 15:31:22 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-1075506 I am a 17-year-old who is going to be attending the university of Windsor next year. My question is while RESP's are for education only, would I be able to get certain supplies I need for school with that money? For example, a laptop? Or is my RESP usable for tuition only? I am a 17-year-old who is going to be attending the university of Windsor next year. My question is while RESP’s are for education only, would I be able to get certain supplies I need for school with that money? For example, a laptop? Or is my RESP usable for tuition only?

]]> By: Flo http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-490244 Flo Fri, 22 Apr 2011 18:32:04 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-490244 I want to open an RESP for each of my grandchildren, of various ages. Due to my age, I am not likely to be around when some of them make use of this. Should I let my child have the money to open these accounts? If I give each of them $10,000, how much will the grant be each year. I also have 1 that is now 19, and is taking a yr. off college to earn some money. Is that grandchild too old for me to contribute. If so what suggestions do you have for that one as I want to give each child the same opportunity. I want to open an RESP for each of my grandchildren, of various ages. Due to my age, I am not likely to be around when some of them make use of this. Should I let my child have the money to open these accounts? If I give each of them $10,000, how much will the grant be each year. I also have 1 that is now 19, and is taking a yr. off college to earn some money. Is that grandchild too old for me to contribute.
If so what suggestions do you have for that one as I want to give each child the same opportunity.

]]> By: vicky http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-476614 vicky Tue, 12 Apr 2011 03:16:24 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-476614 in canada, one must have a sin card to open an resp. if the resp is in the parents name they would get statements to determine the current balance. one could also sign a form for disability for them to obtain the information. one other route of knowing is throught the frredon of information act website where one can ask for particulars if the information pertains to government offices, applications, etc. if you know the institution, send disability the info and let them pursue the institution or person who is responsible for it. most govt entities are not so connected but one may fill out forms so this could happen for this child. there are a few ways but a direct approach with another investor may open a different channel of information passing. check with an investment company and a bank, however make disability know someone else set this up and remains in control of it so if you give your permission for communication to occur, this might happen faster! good luck. control freaks are the worst to work with. in canada, one must have a sin card to open an resp. if the resp is in the parents name they would get statements to determine the current balance. one could also sign a form for disability for them to obtain the information. one other route of knowing is throught the frredon of information act website where one can ask for particulars if the information pertains to government offices, applications, etc. if you know the institution, send disability the info and let them pursue the institution or person who is responsible for it. most govt entities are not so connected but one may fill out forms so this could happen for this child. there are a few ways but a direct approach with another investor may open a different channel of information passing. check with an investment company and a bank, however make disability know someone else set this up and remains in control of it so if you give your permission for communication to occur, this might happen faster! good luck. control freaks are the worst to work with.

]]> By: David http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-475430 David Mon, 11 Apr 2011 02:01:45 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-475430 Does anyone know how i can get my son's r.e.s.p documents from his aunt she is refusing to give it to him and he needs it for disability Does anyone know how i can get my son’s r.e.s.p documents from his aunt she is refusing to give it to him and he needs it for disability

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-422112 Canadian Capitalist Thu, 17 Feb 2011 15:19:50 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-422112 @Ken: Check out Money Smarts Blog on what you can do when a child decides not to go to school: http://www.moneysmartsblog.com/avoid-resp-withdrawal-penalties-child-doesnt-go-to-school/ @Ken: Check out Money Smarts Blog on what you can do when a child decides not to go to school:

http://www.moneysmartsblog.com/avoid-resp-withdrawal-penalties-child-doesnt-go-to-school/

]]> By: Ken http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-421582 Ken Thu, 17 Feb 2011 02:17:20 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-421582 If your kids decide not to persue post secondary education is the money transferable to a RRSP? Thanx Ken If your kids decide not to persue post secondary education is the money transferable to a RRSP?

Thanx Ken

]]> By: Toby http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-415283 Toby Fri, 11 Feb 2011 15:45:20 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-415283 Does someone know if the approved education course have to be in Canada? Or can the student take a course / program anywhere in the world? Thanks Toby Does someone know if the approved education course have to be in Canada?

Or can the student take a course / program anywhere in the world?

Thanks

Toby

]]> By: Cory http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-349230 Cory Tue, 21 Dec 2010 23:18:10 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-349230 I'm with you, this sounds to good to be true!!! Before opening a plan with this company, check out their prospectus to verify whether these facts are true. SOME reps have a reputation for exagerating the true facts. Call the security commission in your province as well. No one can guarantee a return of 15% for a period of 17 years. He might be referring to the bonified grants, but all companies offer this bonification which is based on your family income. I’m with you, this sounds to good to be true!!! Before opening a plan with this company, check out their prospectus to verify whether these facts are true. SOME reps have a reputation for exagerating the true facts. Call the security commission in your province as well. No one can guarantee a return of 15% for a period of 17 years. He might be referring to the bonified grants, but all companies offer this bonification which is based on your family income.

]]> By: lovely http://www.canadiancapitalist.com/basics-of-registered-education-savings-plans-resp/#comment-348771 lovely Tue, 21 Dec 2010 08:50:27 +0000 http://www.canadiancapitalist.com/2007/08/30/basics-of-registered-education-savings-plans-resp#comment-348771 hello I just have new baby in my family and i was talking to this agent who told me that their company has a special offer going on right now. he told me any money i will put towards the resp for my child i will get 15% extra from his company every year. this is over and above the government fund my child will receive. this sounds so good to be true. Any one has any idea about this. Thanks hello I just have new baby in my family and i was talking to this agent who told me that their company has a special offer going on right now. he told me any money i will put towards the resp for my child i will get 15% extra from his company every year. this is over and above the government fund my child will receive. this sounds so good to be true. Any one has any idea about this. Thanks

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