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

2 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 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: 164 times

Last updated: Nov 30

Web Analytics