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| InvestingMac |
 Posted: Tue Mar 01, 2005 2:33 pm Post subject: Canadian RESPs |
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Investing Manager
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Any Canadian's out there finding it difficult to withdraw RESPs in every case (student for self, parent for student, etc.)?
I don't have much experience with this, but recently had a talk about it with a family friend. Seems that they have some fairly rigourous requirements that have to be met before a withdrawal can be made. Any details? |
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| paula0000 |
| Posted: Mon Mar 07, 2005 4:50 pm Post subject: |
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Investing Manager
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| I'm not sure about making a withdrawal when the time comes- but a friend of mine cancelled hers after a few years because her husband lost his job and they couldn't afford the monthly payments. They promised when she signed up, to return all her money to her. Well they did- minus a hefty 400+ dollar fee. Never cancel early was the lesson I learned with these. |
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| InvestingMac |
| Posted: Wed Mar 09, 2005 6:32 am Post subject: |
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Investing Manager
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| paula0000 wrote: | | I'm not sure about making a withdrawal when the time comes- but a friend of mine cancelled hers after a few years because her husband lost his job and they couldn't afford the monthly payments. They promised when she signed up, to return all her money to her. Well they did- minus a hefty 400+ dollar fee. Never cancel early was the lesson I learned with these. |
Ouch, that can be quite the hit when finances are tight. The more I hear about RESPs, the better a savings fund sounds. Aside from the government matching some of your input it doesn't seem like they make it easy for you to manage your money. |
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| paula0000 |
| Posted: Tue Mar 15, 2005 4:27 pm Post subject: |
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Investing Manager
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| I feel the same way. It is great that they match but, if your child doesn't end up in college/university- they give you your money back (maybe with a fee) but with no interest obviously (as far as I know). How much better off could you have been in an interest bearing account? |
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| InvestingMac |
| Posted: Sun Mar 20, 2005 6:59 am Post subject: |
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Investing Manager
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| Are you aware of any savings programs geared towards long term savings until the student starts attending college? |
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