Quote:
Originally Posted by fredr123
We had someone visit our home to explain RESPs to us after our first kid was born like 8 years ago. They explained how there was a list of eligible institutions that didn't include any colleges or trades and that if we didn't use the money for the first kid, all the extra grants and interest were forfeited and couldn't be rolled over for other kids.
Coming from a family where most went into trades or maybe didn't go to school, this sounded like a terrible plan. I've since been told that the RESP person was peddling a terrible product and there are much more flexible plans out there.
With that bad taste still lingering in our mouths some 8 years later, how can I convince my wife to give these things another chance?
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Well its kind of difficult to say what would work to convince her, but I can tell you that the list of schools and institutions in general is very wide. I can't think of any exclusions off the top of my head and I haven't ever run into an issue for a client. That isn't to say that there are no limits, just that I can't think of a program that someone has wanted to attend that doesn't qualify.
Quote:
Originally Posted by bomber317
When does the money get deposited for
Federal grant?
Alberta grant?
I'm assuming federal is end of year as they wait until then to calc your RESP contributions?
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The grants are deposited at the end of the month actually. So you aren't actually just getting the grants but also the compound growth on those grants through the years as well. If you put in $100 a month at the end of the month there is a separate transaction for the $20 from the government. In the case of the Alberta grants you also receive them at the end of the month.