Posted on: 17-08-06 16:03:27
Quote:
Originally posted by Mjhamb
Hi,
I have read lot of posts about RESP. I am still not able to decide which company is the best for opening a RESP account. I am comparing between Global Education Trust, Heritage and Childern Education Fund. Can somebody guide me by giving some kind of comparatative analysis between these companies. I would appreciate help in this regards. Thanks
There is a whole section dedicated to RESP in this site which has very useful information. If you read all the posts there, you would have no doubts about the type of RESP you should buy for your kids.
I advise my clients to go in for self directed RESP wherein you have full control instead of going in for group RESPs as being offered by various companies mentioned, wherein you do not get that much flexibility and pay heavily for the agents commission as well if the plan is not completed for any reason whatsoever.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by PWin
For Imigration purpose you are a PR as long as you satisfy the residency obligation (Chk residency obligations on - cic.gc.ca). You should not have problem in coming back to Canada as long as you do not stay outside Canada for more than 3 years at a time.
For tax purpose you can be a resident, non resident, deemed resident or deemed non-resident depending on you ties to Canada (Chk revenue Canada site for details). If you are not living here and only have SIN & PR card I think you will be considered deemed non resident and do not owe any taxes in Canada. Although you may want to file the return to when it is due.
Imigration & Taxation define residency in a different way and most of the time they are seperate from each other.
PWin - you have responded to a post more than a year old which needed to be responded to at that time. Do you think your post serves any purpose?
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Quote:
Originally posted by Mjhamb
Hi,
I have read lot of posts about RESP. I am still not able to decide which company is the best for opening a RESP account. I am comparing between Global Education Trust, Heritage and Childern Education Fund. Can somebody guide me by giving some kind of comparatative analysis between these companies. I would appreciate help in this regards. Thanks
Before asking anyone which is the best RESP available, you should first tell the public what is your risk profile for RESP.
Please remember that risk profile for RESP can be totally different from risk profile for your own investments. Like in my case, I am ready to lose 80% of my investments when I trade, but for RESP, I consider it absolutely a savings nest for children's education and I would not choose a product which has even 10% risk - and therefore I put that money in money market instruments.
And as a general rule, before putting any financial questions, it is always advisable to put forward your own goals and reasons and expectations for any investment. With that defined, you will get a better response than asking a general question as to which company is good - I could perhaps advise you a company which gels well with my planning but just does not go in direction of what you would like it to be.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
