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Old 12-13-2022, 09:29 AM   #13
GreenLantern
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Join Date: Jul 2007
Location: Space Sector 2814
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We did the RESP, I think the family one so we have the flexibility depending what each kid wants to do. My wife's parents did this for her and it worked great so I was sold.

We started out as modest as a lump sum and 50 bucks a month, then bumped it up as our income went up. We currently do a few thousand per kid a year now.

Don't feel like any amount is to little, just get the ball rolling and you can always adjust.

I will also say, when I was young my Mom passed and in her will there was a stipulation that the inheritance had to be used for educational purposes only. I think it unlocked at like age 35 or something otherwise.. I believe this just falls on the executor to enforce, I'm not sure because I never questioned it, I just used that as motivation to make it to University, which I did and went on to complete multiple degrees.

Starting a RESP for your kids is not only great to save and get 'free' money out of the Govmunt, but it also could have a very powerful effect on their motivation. Post secondary doesn't just mean University, it could be anything, that was just the path I chose.
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