resp for my child

Visibility: Public
asked Jun 10, 2018 11:08 AM by
 gravatar image


I recently had a newborn and I want to start saving for my childs education through a resp, what is my best option. I had a consultant tlcome to my house from Canadian scholarship trust plan but all the info seemed too good to be through. any thoughts or recommendations?



Edit Retag Flag offensive Close Delete


Could you share some details about what they've promised you?

Jin Choi ( Jun 13, 2018 10:13 AM )edit

4 answers

sort by ยป oldest newest most voted
answered Jun 12, 2018 09:59 PM by
 gravatar image


I would advise opening your own RESP with questrade and manage it your self.

CST and other RESP Providers do not offer anything extra and you will have strict contributions rules and pay managing fees

Edit Flag offensive Delete Link
answered Dec 13, 2018 05:48 PM by
 gravatar image

I am opening up two RESPS because Questrade doesn't qualify to accept the huge one time provincial grant that the government offers (so that one will be at a bank branch) and the other one will be at Questrade to get regularly annual grants - then I can invest in ETFs.

Edit Flag offensive Delete Link
answered Dec 11, 2018 11:04 AM by
 gravatar image

Stay away from scholarship trusts (as others mentioned). Invest $8 in this little book by Gal Vaz-Oxlaide which gives you a good explanation about RESP:


I personally follow the Canadian Couch Potato approach with Questrade (no fees for ETF purchases).

Also some good information: https://canadiancouchpotato.com/2010/...

Edit Flag offensive Delete Link
answered Nov 30, 2018 11:15 AM by
 gravatar image

I agree with JustTrade but I would probably add that unless you think your child's education cost is going to be very expensive and there is no way you are going to save for his education later on in life I would pay down debt first. ( i.e. credit card expenses, mortgage etc. )

I know there is never free money and the government grants appear to be very attractive but paying down on an expensive mortgage or credit card would better serve you and your family.

Your child is young and you can make those contributions later on in life.

Edit Flag offensive Delete Link
Please log in to post an answer.


Asked: Jun 10, 2018 11:08 AM

Seen: 340 times

Last updated: Dec 13 '18

Web Analytics