Comments on: Quick Tip: Catch up on RESP Contributions http://www.canadiancapitalist.com/quick-tip-catch-up-on-resp-contributions/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Everything Is In/Flux · links for 2008-07-04 http://www.canadiancapitalist.com/quick-tip-catch-up-on-resp-contributions/#comment-140451 Everything Is In/Flux · links for 2008-07-04 Fri, 04 Jul 2008 17:33:36 +0000 http://www.canadiancapitalist.com/?p=985#comment-140451 [...] Quick Tip: Catch up on RESP Contributions (tags: savings education resp) [...] [...] Quick Tip: Catch up on RESP Contributions (tags: savings education resp) [...]

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/quick-tip-catch-up-on-resp-contributions/#comment-140329 Canadian Capitalist Thu, 03 Jul 2008 18:04:38 +0000 http://www.canadiancapitalist.com/?p=985#comment-140329 John: The 20% grant makes the RESP superior to all other alternatives, speaking strictly from "which option is best" perspective: http://canadianfinancialdiy.blogspot.com/2007/02/resp-vs-rrsp-better-choice-is-clear.html John: The 20% grant makes the RESP superior to all other alternatives, speaking strictly from “which option is best” perspective:

http://canadianfinancialdiy.blogspot.com/2007/02/resp-vs-rrsp-better-choice-is-clear.html

]]> By: Big Cajun Man http://www.canadiancapitalist.com/quick-tip-catch-up-on-resp-contributions/#comment-140328 Big Cajun Man Thu, 03 Jul 2008 17:32:21 +0000 http://www.canadiancapitalist.com/?p=985#comment-140328 Great for my son born in 2005, not so good for my daughter born in 1990 (who no longer gets the grants). Thx!!! --C8j Great for my son born in 2005, not so good for my daughter born in 1990 (who no longer gets the grants).

Thx!!! –C8j

]]> By: John http://www.canadiancapitalist.com/quick-tip-catch-up-on-resp-contributions/#comment-140311 John Thu, 03 Jul 2008 15:55:10 +0000 http://www.canadiancapitalist.com/?p=985#comment-140311 This was a timely posting. I had basically given up on our RESP's because of poor returns in the funds they were in (MD growth ,MSCI World CAD index) and decided to pay down the mortgage before the kids go to school. However after reading about all the positives of RESP's I decided to take another look. I compared what would happen if I invested 7500 annually(2500x3kids) in an RESP(targeting 6% mostly Bond/GIC) vs paying down the Mortgage(5.8%). In 5 yrs (when my first will be graduating HS)the mortgage would drop by 45k whereas the RESP would have grown to 65k. Now that's convincing! Thanks for the push CC. This was a timely posting. I had basically given up on our RESP’s because of poor returns in the funds they were in (MD growth ,MSCI World CAD index) and decided to pay down the mortgage before the kids go to school. However after reading about all the positives of RESP’s I decided to take another look. I compared what would happen if I invested 7500 annually(2500x3kids) in an RESP(targeting 6% mostly Bond/GIC) vs paying down the Mortgage(5.8%). In 5 yrs (when my first will be graduating HS)the mortgage would drop by 45k whereas the RESP would have grown to 65k. Now that’s convincing! Thanks for the push CC.

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/quick-tip-catch-up-on-resp-contributions/#comment-140261 Canadian Capitalist Thu, 03 Jul 2008 14:46:00 +0000 http://www.canadiancapitalist.com/?p=985#comment-140261 Italo: Call HRDC at 1-888-276-3624 and with your child's SIN number they should be able to provide you with how much grant room your child has. Big Cajun: The grant room is based on the child's age. For every year from 1998, unused grant room accumulates. Let's say a child was 3 years old in 1998 and a RESP was started in 2000. The unused grants of $800 from 1998 and 1999 is still available for the child. Italo: Call HRDC at 1-888-276-3624 and with your child’s SIN number they should be able to provide you with how much grant room your child has.

Big Cajun: The grant room is based on the child’s age. For every year from 1998, unused grant room accumulates. Let’s say a child was 3 years old in 1998 and a RESP was started in 2000. The unused grants of $800 from 1998 and 1999 is still available for the child.

]]> By: Big Cajun Man http://www.canadiancapitalist.com/quick-tip-catch-up-on-resp-contributions/#comment-140260 Big Cajun Man Thu, 03 Jul 2008 14:36:38 +0000 http://www.canadiancapitalist.com/?p=985#comment-140260 What is the "Catch Up" based on? The child's age or when the RESP was started? What is the “Catch Up” based on? The child’s age or when the RESP was started?

]]> By: Italo http://www.canadiancapitalist.com/quick-tip-catch-up-on-resp-contributions/#comment-140256 Italo Thu, 03 Jul 2008 13:00:12 +0000 http://www.canadiancapitalist.com/?p=985#comment-140256 The catch is how to find out how much "room" does your child have. Any idea of a better method than manually adding weekly contributions made over the years? The catch is how to find out how much “room” does your child have. Any idea of a better method than manually adding weekly contributions made over the years?

]]> By: MoneyNing http://www.canadiancapitalist.com/quick-tip-catch-up-on-resp-contributions/#comment-140243 MoneyNing Thu, 03 Jul 2008 05:37:31 +0000 http://www.canadiancapitalist.com/?p=985#comment-140243 Great reminder! As always, we should all take advantage of every break that the government gives us. Great reminder! As always, we should all take advantage of every break that the government gives us.

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