Comments on: RESP Contributions For 2010

By: bea spiegel

bea spiegel — Mon, 12 Jul 2010 12:32:14 +0000

Who supervises how the resp is spent–can a child remove all the funds and not use them for education–I am a grandmother of a family who have resp grants from me–I hold the papers in my name and know the father would love to grasp the funds on the 18th birthday–what is the protection–is there proof needed by the government that it was used for education? If the 2nd child turns 18 and the first one did not go on to school are they transferable? Appreciate your comments. Bea

By: Mike

Mike — Fri, 02 Jul 2010 23:03:11 +0000

@Imran – you need to contact TD to find out why you didn’t get the grants you expected.

By: IMRAN AHMED

IMRAN AHMED — Fri, 02 Jul 2010 05:38:20 +0000

I got family plan for three of my kids from TD bank. I deposited 1500/= in total for all of them ( 500 for each ). I was thinking that I will get 40% grant for each child as my income fall in that range. It doesn’t happened. Could some one explain how the grant system works. How much I supposed to get ? Is there any misunderstanding on my side ?

By: Mike

Mike — Thu, 01 Jul 2010 23:09:28 +0000

@Dorin – The eligibility for grants is based on the calendar year, not the birth day. So someone who turns 17, can receive grants right up to the end of the year.

Keep in mind that there are special eligibility rules for 16 and 17 year olds which are detailed here:

http://www.moneysmartsblog.com/resp-contributions-and-a-reader-question/

By: Dorin

Dorin — Thu, 01 Jul 2010 17:58:48 +0000

I have two sons 17 and 13 years old.

My older son turned 17 in 2010.
I still have room for his RESP grant.
Question is if I still can get a grant if I deposit $5000 (two years) .
If I can not get the grant for 2010 can I deposit $2500 for a previous year and get the 20%?

By: Carol

Carol — Sun, 28 Mar 2010 12:54:32 +0000

I heard from rumor saying if we help our children to apply RESP, they cannot apply education loan (grant or government loan), is it true?

Thanks in advance!

By: gsr

gsr — Mon, 15 Mar 2010 17:32:47 +0000

If you need to find out how much you have contributed to an individual or family RESP plan, CESG grants received, available etc. you can call 1-888-276-3624. You will need your children’s SIN & DoB.

By: Andy

Andy — Mon, 08 Mar 2010 22:41:36 +0000

Thanks for the info Mike, this is a great resource!

By: Mike

Mike — Sun, 07 Mar 2010 01:37:09 +0000

Andy, absolutely – there is no obligation to contribute every year. You can contribute for a few years, take a few years off, alternate years – whatever you like.

You probably know this but the contribution room carries over so you can do partial contributions in a year without any problems.

By: Andy

Andy — Sun, 07 Mar 2010 01:22:30 +0000

Hi Mike:
That’s exactly what we would like to do.
Is the other alternative (alternating yearly) allowed as well?
Thanks again
A