Quote:
Originally Posted by Izzle
According to this website:
https://www.canada.ca/en/revenue-age...ther-resp.html
As long as the receiving RESP has a beneficiary under 21 years of age, the transfer can be made. So any leftover amounts in RESP-trades can be transferred to RESP-doctor without tax implication. So individual plans don't necessarily lose the flex. Perhaps I'm misinterpreting it? |
Yeah there is some flexibility, as long as the kids are young enough. It would suck to have kids over 21 and need to complete this though, and with kids in grad school or things of that nature it could definitely arise. Like I say...I just don't see the advantages of the individual plans overall? In some cases it's necessary (martial breakdown, and that sort of thing), but overall it seems easier to just keep them together and allocate them as needed when the time comes for the educational payments.
Quote:
Originally Posted by Enoch Root
No, you can allocate as desired
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Yeah, I missed that also, but you can definitely split the allocations as you see fit, or when one grant is maximized and another person in the plan is still eligible or that sort of thing.