Canadian Personal Finance Blog

For those of you without 17 year old in your house, January 9th is the deadline for them to apply to Universities using the OUAC system. I remember when I applied, it was a form with 8 carbon copies and if you were really keen you went to the Library and looked up the University’s programs, but now the whole thing is on line and my daughter has a chance to make a very informed decision, which is great.

Some of the things I need to figure out in the next few months due to this application?

• RESP and whether I should start drawing funds from it as soon as my daughter starts school, or should I try to find enough cash to keep the RESP in tact for as long as possible. Why would I do that? The CESG grants stop coming after your child starts drawing from the funds (at least that is my understanding of the system, if I am incorrect, please someone correct me).
• If my child is accepted at a school away from home, where shall she live? Residence? Off campus housing? Which is the best bang for the dollar?
• Should my daughter apply for OSAP (Ontario Scholastic Assistance Program)? Will she get anything but loans (my guess is NO, her Dad is evidently far too rich for any direct help).
• What scholarships and bursaries can she get? I think I need to get her looking at that, as every dollar saved is a good thing for me.

I’ll keep my trusty readers posted, luckily I have friends who have gone through this that I will be asking questions of as well.

Go Check Your Safety Deposit Box

Just a friendly piece of advice to start your new year. What is in the box? Does it need to be kept there? Last year I took out my Air Canada shares (from the Bankrupt version of the Airline), this year I think I may take out the 12 year old Will that is in there. I need to get one of those “do it yourself” will kits from Staples, as my current Will doesn’t even take into consideration my son, or that my daughters are mostly old enough to live on their own.