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Izzle · 12-12-2022, 07:42 PM

Deffo RESP. The govt matches 20% of what you put in every year to a max contribution of $500. So you put in $2500, govt puts in $500.

Govt contribution is maxed lifetime at $7,600.

Lifetime max contribution you can make is $50,000. If you have all $50k available now, you could put it into a TFSA (if you have the space) and draw from it to add to the Resp on a yearly basis. You have more options if you gave 50k right now.

If you plan on having more kids then you could open a family RESP. But whatever you do, do not join a group RESP.

12-12-2022, 07:42 PM	#2
Izzle First Line Centre Join Date: Nov 2010 Exp:	Deffo RESP. The govt matches 20% of what you put in every year to a max contribution of $500. So you put in $2500, govt puts in $500. Govt contribution is maxed lifetime at $7,600. Lifetime max contribution you can make is $50,000. If you have all $50k available now, you could put it into a TFSA (if you have the space) and draw from it to add to the Resp on a yearly basis. You have more options if you gave 50k right now. If you plan on having more kids then you could open a family RESP. But whatever you do, do not join a group RESP.