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Questions tagged [resp]

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How do I open an RESP account where I am both the subscriber and the beneficiary?

I am located in Canada and am trying to open an RESP account where I am both the subscriber and the beneficiary. The government of Canada website says I can open an RESP for myself here. I’ve called ...
Mohammad Ali's user avatar
1 vote
0 answers

Opening an RESP for myself

I am located in Canada. I was wondering if instead of contributing directly into an RRSP, why people don't instead open up an RESP for themselves, contribute as much as they can afford (up to 50k) and ...
Mohammad Ali's user avatar
1 vote
1 answer

Can I open an RESP for myself and transfer to my children's RESP account later?

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?
eniacAvenger's user avatar
3 votes
1 answer

In Canada, can tuition paid by an RESP withdrawal be claimed on the income tax return?

Can tuition fees be claimed on the tax return if the money was withdrawn from an RESP we've been contributing to?
user avatar
2 votes
2 answers

Group (pooled) RESP plans in Canada: Education savings advantages & disadvantages?

I'm familiar with the Individual and Family types of Registered Education Savings Plans (RESPs). There's also a third type: Group (pooled) RESPs, which I mentioned in this answer. I didn't provide ...
Chris W. Rea's user avatar
  • 31.6k
6 votes
1 answer

RESP withdrawals: What are the eligible/qualified education costs or expenses, other than tuition?

A few years ago, my wife and I started an RESP to help us save for my daughter's eventual post-secondary education. We're doing well with it: we take advantage of the maximum government match, and ...
Chris W. Rea's user avatar
  • 31.6k
9 votes
4 answers

How much is university projected to cost in Canada in 18 years?

I don't know how much I should put into an RESP for my son. I have $1000 to start and plan to put $100 / month into it. Will this be enough to pay for university when he turns 18?
DazedandConfused's user avatar
3 votes
1 answer

Is an RESP the best investment option for my young child?

I recently had a baby and am thinking about opening an RESP to save for his education. Is this the best way to invest my money? Is there a chance of losing money this way?
DazedandConfused's user avatar
8 votes
3 answers

Which account should I put my money to get the most tax benefit?

I have $5,000 that I would like to put in to an investment account. To get the maximum tax benefit, should I put it in my RRSP, my child's RESP, or my TFSA account? I have enough room in each of these,...
S. Chang's user avatar
  • 1,135
8 votes
1 answer

What are the best options for an RESP for my 2 year old kid?

Just starting to look into RESPs for my kid. There are RESP funds, or I could just throw money in a GIC... wondering where else I should look... and what I can do.
dank's user avatar
  • 496