RESP -SENIORS NEEDS SOME ADVISE ON GOOD -RESP PROVIDERS

[ind2uk2can]

Dear seniors.. i am planning to open resp for my daughter pls could you throw your experience and suggest the good one ..

 

[explorer101]

Dear seniors.. i am planning to open resp for my daughter pls could you throw your experience and suggest the good one ..

RESP can be opened in any bank where you are banking. It is same everywhere. Only difference is once you have contributed RRSP , you have the choice of keeping that money in :-
simple bank account
Invest in GIC
Invest in Mutual Funds

1 and 2 are good stable options with growth of 1-2 % but here comes the MF claiming the growth of 4-5 % and with it comes the market fluctuations and game of entry and exit load. Most of banks do not charge entry and exit load and you can manage it online also.
After you have invested in RESP , it takes about 10 days for CRA to deposit their share.

REQUIREMENT
1. SIN of Child and id.
2. Parents SIN

You can make one time contribution or regular monthly investment.

 

[ind2uk2can]

Thanks a lot much appreciated.. can you recommend few

 

[explorer101]

Thanks a lot much appreciated.. can you recommend few

I have with scotia bank and the money is in MF, the financial advisor will guide you which MF to choose

 

[ind2uk2can]

o good .. if i like to use the money outside canada for my child can i use it... eg if my child got an mbbs seat in india and i have to pay donation can i use this ? and what is the penality if i miss payments???

 

[Pippin]

This is amazing....I was at a Skills Canada presentation last week and stopped at a booth with all sorts of pamphlets about Canada/Immigration. I picked up one "Canada Education Savings Program: Choosing the right RESP". There were a number of references inside that may be useful to you: To order a copy of the pamphlet http://www12.hrsdc.gc.ca CanLearn.ca or any Service Canada Centre 1-800-O-Canada

 

[imu]

Hii

Recently I did a RESP for my child with Heritage Education , is there any one with the same ? please share your experience .
wishes

 

[ind2uk2can]

Thanks all ..I will check heritage .. as well..

 

[ind2uk2can]

I AM PLANNING TO PUT SAME AMOUNT IN INDIA POST OFICE FIXED DEPOSIT i AM GETTING 9% INTEREST FOR 1YEAR INSTEAD OF RESP ... EG: IF I DEPOST 2000 DOLLARS APPROX FOR 5 YEARS I GET AROUND 1000 ON IT ... ANY ADVICE FROM SENIORS.. SO AFTER 15 TO 20 YEARS WHEN MY KID GROWS UP THIS CAN BE USED FOR EDUCATION.. INSTEAD OF PUTTING IN RESP ...................ANY ADVICE FROM SENIORS ARE WELCOME