Hi Dear CD's ,
Hope all are good and having fun time during holiday season.
Can some one share more about RESP ?
Is it advisable to go through BANK or some one whom we already know and they are doing RESP.
What is the difference that some person is doing for us or we are asking bank to do RESP?
Please feel free and i am sure this part is discussed some where in past fourm , please provide the link if possible.
Thanks
Location: Western Hemisphere
Posted on: 22-12-09 16:16:18
You can go through banks and they normally offer investment vehicles such as mutual funds or savings accounts. If you are not familiar with lot of options, I would suggest talking to the investment advisor at your bank and they will be able to provide info and basic advice.
You can also go through a full service broker (ex: Sun Life, Hanson, Edward Jones, etc) who will then advise you of the right investment vehicle which could be stocks, mutual funds, interest bearing accounts, etc etc.
These days, almost all financial institutions seem to offer options to open a RESP account.
In any case, you have less than 5 business days for this year to open a RESP if you wish to receive the Cdn Govt grant (CESG).
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Dimple2001
Quote:Before you go about opening an RESP account, you need to fully understand what they are and how they work.
Originally posted by Oimnadniia
Can some one share more about RESP ?
Is it advisable to go through BANK or some one whom we already know and they are doing RESP.
What is the difference that some person is doing for us or we are asking bank to do RESP?
This is the season for RESP sales pitch, since only 1 week is left for 2009 contributions.
Just like Feb is the usual sales pitch for RRSP.
But don't get pressured into making any decisions at this time.
RESPs are more complicated than RRSPs - do not make haste in opening an account.
Learn about RESP first:
http://www.canlearn.ca/eng/saving/resp/index.shtml
http://www.scotiabank.com/cda/content/0,1608,CID6301_LIDen,00.html
The second link is from ScotiaBank website because it explains the basics well.
It's purely for educational purposes, doesn't mean you have to go with ScotiaBank.
Do NOT get pressured into opening RESP accounts through individuals selling proprietary products by pooled (or Group) RESP plans like Heritage, CST, Universal, etc.
First understand what they are, how they work, type of investments, fees, constraints, limitations, etc. before making a decision.
Quote:There have been many, many discussions about RESP and various options on this forum.
Please feel free and i am sure this part is discussed some where in past fourm , please provide the link if possible.
Use the Search in Charcha to find previous discussion threads.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
