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Really Useful RESP Tips

6 responses

  1. CalgaryPotato
    June 16, 2015

    I’m not sure if I am misreading, or you are misunderstanding but as far as the limit roll: Typically you can get up to $500/year in grant but you can basically make up one years worth if you’ve fallen behind. So if you deposit $5000 you can get a $1000 grant.

    Maybe that is what you meant, but it’s not how it reads.

    Reply

    • bigcajunman
      June 16, 2015

      I think I meant that, but thanks for clarifying, as well.

      Reply

  2. Eric Schultz
    June 16, 2015

    Umm, in your General Advice you say:
    – use a Self-Directed non-mutual fund bound system like TD Waterhouse, Questrade, BMO, etc.

    and then you say:
    – Invest in a simple couch potato portfolio with Index Funds or Index ETFs

    If you’re going to the the route of Index Funds what’s wrong with with a fund bound system?

    Another tip is to see what incentives your provincial government offers and make sure the institution you choose participates in those (brokerages often do not, but banks – i.e.: fund bound systems – do).

    Reply

    • bigcajunman
      June 16, 2015

      Typically a lot of the fund bound system (at least at TD) are that you cannot access the cheaper Index Funds (in TD case E-series) without going through cogitations and such). Sorry for the confusion.

      Reply

      • Eric Schultz
        June 16, 2015

        Ah, yes. That’s why I switched from TD to RBC – cheap index funds and entirely on-line but without any of the e-Series hassle.

        Reply

      • bigcajunman
        June 16, 2015

        OK, so that is very good to know, I thought all banks were the same. Good on RBC

        Reply

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