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RESPs

QCinOctQCinOct member
in Toronto Babies
as we're getting closer to having an outside baby, I've been thinking about RESPs. Do you have one set up, and do you have to wait until the baby is born to do it? Are they usually just GICs through banks? And how do you register them with the gov so you get their measly matching funds?

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Re: RESPs

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    evhammevhamm

    You have to wait till baby is born to do it, you need to register their SIN with it. I did ours at a bank, its like a mutual fund I think... I don't know about the matching thing, I think the bank sets it up with the gov't.

     

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    CalinsBrideCalinsBride
    We are setting one up for M in the new year. We're doing it through a bank (we bank with presidents choice so we need to find another bank to do it through since PC doesn't have them). Then you fill out a form for the government matching program. We will be using M's baby bonus money to fund his RESP.
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    Jen&Joe06Jen&Joe06 member
    We are looking into them but I am leery of them because you have to use the money for education. What if he doesn't do to school?
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    dale05dale05

    To answer one of the questions below regarding if your child doesn't go to school.  Ours is set up so that if our child decides not to go to school it can be transferred to another child or it can go into our RRSP.  If it goes into our RRSP obviously you lose the money that the government puts towards the RESP though.

    Also our DD's RESP covers university, college or even a 3 month educational course so it's pretty flexible.

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    dragonsmercydragonsmercy member
    imagedale05:

    To answer one of the questions below regarding if your child doesn't go to school.  Ours is set up so that if our child decides not to go to school it can be transferred to another child or it can go into our RRSP.  If it goes into our RRSP obviously you lose the money that the government puts towards the RESP though.

    Also our DD's RESP covers university, college or even a 3 month educational course so it's pretty flexible.

    Our DD's RESP is set up the same way. We did ours through a company called USC Investments. If your income's below $30k, you can qualify for 3 types of government bonds/grants.

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