Is it possible to open an RESP for myself today and when I have children, transfer the balance to my children's RESP account to receive annual CESG payments?
1 Answer
Absolutely no.
A RESP can be opened only by a older parent. The RESP has to be opened before the child turns 16 years old not 17 years old. Check this link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/menu-eng.html