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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We are in the same boat with my stepson who is now enrolled in university. Many, many ridiculous rules, penalties and fees that were not clearly explained to my wife when she set it up, some 18 years ago. I am sure the rules were set out in the fine print, but it has been a disaster, as the scheduled date of entry into school was off (January and not September?) and numerous forms needed to be filled out. We are still waiting on the first round of funding, which requires 2 months notice and then they have another 2 months to actually do something! I basically feel this type of fund is a scam. Go to a bank or talk to someone like Slava, who seem to actually understand how this stuff should work.