Comments on: Your Turn: Setting up RESPs with Altamira http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: iktidar http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-215532 iktidar Sat, 10 Apr 2010 06:24:57 +0000 http://www.canadiancapitalist.com/?p=1453#comment-215532 In my experience, setting up an RESP account and getting the grants is not really a problem. Sometimes there are administrative errors for example a wrong DOB or some other errors in forms submitted for grants which could significantly delay the process..........usually its pretty straightforward. I don't have any experience with TD though. In my experience, setting up an RESP account and getting the grants is not really a problem. Sometimes there are administrative errors for example a wrong DOB or some other errors in forms submitted for grants which could significantly delay the process……….usually its pretty straightforward. I don’t have any experience with TD though.

]]> By: Jo http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-166940 Jo Mon, 10 Nov 2008 23:33:19 +0000 http://www.canadiancapitalist.com/?p=1453#comment-166940 Thanks so much Gene. That's awesome. I'm hoping to start the process for opening an acct this weekend ;) Thanks so much Gene. That’s awesome. I’m hoping to start the process for opening an acct this weekend ;)

]]> By: gene http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-166912 gene Mon, 10 Nov 2008 21:52:13 +0000 http://www.canadiancapitalist.com/?p=1453#comment-166912 Hi Jo, We have our RESP at Credential, because of their no-fee RESP accounts. I don't recall ever having any issues with opening or funding the account, and the CESG came through without a hitch. When you want to put money into the account, there's a form to fill out (Form 22). On the form, you designate how much money you want to put in the account and whether you want to apply for the CESG. Hi Jo,

We have our RESP at Credential, because of their no-fee RESP accounts. I don’t recall ever having any issues with opening or funding the account, and the CESG came through without a hitch.

When you want to put money into the account, there’s a form to fill out (Form 22). On the form, you designate how much money you want to put in the account and whether you want to apply for the CESG.

]]> By: Jo http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-166894 Jo Mon, 10 Nov 2008 20:49:51 +0000 http://www.canadiancapitalist.com/?p=1453#comment-166894 Does anyone have an experience opening an RESP account w/ Credential?? I would be grateful to hear from you. Does anyone have an experience opening an RESP account w/ Credential?? I would be grateful to hear from you.

]]> By: Jordan Clark http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-166892 Jordan Clark Mon, 10 Nov 2008 19:08:28 +0000 http://www.canadiancapitalist.com/?p=1453#comment-166892 I had a very similar experience with setting up a self directed family RESP with TD Waterhouse, only to find out later it doesn't not support the enhanced savings grant and the canadian learning bond. I'm just now in the final step of setting up a family RESP account with Questrade which supports both, and has no annual fee, unlike Waterhouse. The only downside is I will only make 1-2 contributions a year to limit fees instead of using a monthly contribution with eSeries, oh well. Anyone have any experience with how long it takes an RESP transfer to go through? I had a very similar experience with setting up a self directed family RESP with TD Waterhouse, only to find out later it doesn’t not support the enhanced savings grant and the canadian learning bond.

I’m just now in the final step of setting up a family RESP account with Questrade which supports both, and has no annual fee, unlike Waterhouse. The only downside is I will only make 1-2 contributions a year to limit fees instead of using a monthly contribution with eSeries, oh well.

Anyone have any experience with how long it takes an RESP transfer to go through?

]]> By: Big Cajun Man http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-166890 Big Cajun Man Mon, 10 Nov 2008 18:36:57 +0000 http://www.canadiancapitalist.com/?p=1453#comment-166890 How low does your income need to be to get the extra money? Might need to look into this myself. yes, setting up the RESP is a ROYAL pain in the article, but well worth the time at the end of it all How low does your income need to be to get the extra money? Might need to look into this myself.

yes, setting up the RESP is a ROYAL pain in the article, but well worth the time at the end of it all

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-166882 Canadian Capitalist Mon, 10 Nov 2008 16:47:42 +0000 http://www.canadiancapitalist.com/?p=1453#comment-166882 Dave: Nope. I fashioned this post out of a reader email on how he moved to Altamira to take advantage of additional grants. Guy Davis: I didn't have many problems in setting up our RESP accounts with TD Mutual Funds. I would have thought that opening a TDW RESP account would be routine. But then again, RESPs are typically small accounts and are typically neglected by institutions. Dave: Nope. I fashioned this post out of a reader email on how he moved to Altamira to take advantage of additional grants.

Guy Davis: I didn’t have many problems in setting up our RESP accounts with TD Mutual Funds. I would have thought that opening a TDW RESP account would be routine. But then again, RESPs are typically small accounts and are typically neglected by institutions.

]]> By: Dave http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-166880 Dave Mon, 10 Nov 2008 16:26:01 +0000 http://www.canadiancapitalist.com/?p=1453#comment-166880 CC: You live in Alberta now? CC: You live in Alberta now?

]]> By: Guy Davis http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-166879 Guy Davis Mon, 10 Nov 2008 16:19:19 +0000 http://www.canadiancapitalist.com/?p=1453#comment-166879 I definitely agree on the byzantine path one must navigate in order to get the grants new parents are entitled to. In my case, I opened a TD Waterhouse self-directed family RESP. TD Waterhouse then applied for the CESG (Federal) grant. Only much later, after digging for answers, did I find out that this RESP does "not participate" in the ACESG (Alberta) grant program. For TD, the ACESG can only be accessed using a Term (GIC-only) plan. So now, I'll have two family RESP plans, one to get the Federal grant and another to get the Alberta grant. Also, while I'm generally a fan of TD, their sign-up process when done online or through the mail is ridiculous. It took me over 6 months of back and forth (mails, phone calls, and faxes) just to get the first TD Waterhouse RESP opened and ready to use. When dealing with TD, I would strongly recommend developing a relationship with one of their staffers who can run the gauntlet for you on applications. Either that or leave many months of time for the process to happen. Even after these hassles, I'm still sticking with TD though. Don't get me started on Altamira. I dumped them many years ago. I definitely agree on the byzantine path one must navigate in order to get the grants new parents are entitled to. In my case, I opened a TD Waterhouse self-directed family RESP.

TD Waterhouse then applied for the CESG (Federal) grant. Only much later, after digging for answers, did I find out that this RESP does “not participate” in the ACESG (Alberta) grant program. For TD, the ACESG can only be accessed using a Term (GIC-only) plan. So now, I’ll have two family RESP plans, one to get the Federal grant and another to get the Alberta grant.

Also, while I’m generally a fan of TD, their sign-up process when done online or through the mail is ridiculous. It took me over 6 months of back and forth (mails, phone calls, and faxes) just to get the first TD Waterhouse RESP opened and ready to use.

When dealing with TD, I would strongly recommend developing a relationship with one of their staffers who can run the gauntlet for you on applications. Either that or leave many months of time for the process to happen.

Even after these hassles, I’m still sticking with TD though. Don’t get me started on Altamira. I dumped them many years ago.

]]> By: Credit I. Profit http://www.canadiancapitalist.com/your-turn-setting-up-resps-with-altamira/#comment-166821 Credit I. Profit Mon, 10 Nov 2008 09:04:48 +0000 http://www.canadiancapitalist.com/?p=1453#comment-166821 I took particular notice to the last sentence: "It would be interesting to know how many people do not get the grants for which they are eligible." Grants have to be difficult to get even for those who are eligible. It would be impossible to reasonably fund all grants from public funds if it is easy. I took particular notice to the last sentence:
“It would be interesting to know how many people do not get the grants for which they are eligible.”

Grants have to be difficult to get even for those who are eligible. It would be impossible to reasonably fund all grants from public funds if it is easy.

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