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resp for my child

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asked Jun 10, 2018 11:08 AM by
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hello,

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?

thanks

chris

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

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

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answered Jun 12, 2018 09:59 PM by
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Hi,

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

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answered Dec 13, 2018 05:48 PM by
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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.

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answered Dec 11, 2018 11:04 AM by
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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:

https://www.amazon.ca/Saving-School-G...19?ie=UTF8&qid=1544547636&sr=8-9&keywords=gail+vaz-oxlade

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

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

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answered Nov 30, 2018 11:15 AM by
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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.

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Asked: Jun 10, 2018 11:08 AM

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Last updated: Dec 13 '18

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