Quote:
Originally Posted by Slava
No they're not tax deductible like an RRSP. The funds are taxable when withdrawn, but in the hands of the student so they have things like tuition to go against them and will almost surely pay little to no tax as a result.
You also have options like moving them to your RRSP down the line if the kids don't go to school (not the grant portion), in which case the tax considerations change accordingly.
No, you can have them elsewhere.
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The Grant Portion is clawed back by the government if the child does not go to school i think.
Everyone should set one of these up. We pay into it, and then put any money my family gives my son into it as well. Basically max it out every year and therefore get the max grant out of it. Essentially we will have over $90,000 saved for him by the time he is 18.