Comments on: How To Open Up An RESP Account For Your Child http://www.moneysmartsblog.com/resp-how-to-get-started/ Investing and Personal Finance Fri, 10 Feb 2012 14:34:49 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mike Holman http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-87872 Mike Holman Thu, 10 Mar 2011 03:14:53 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-87872 @Brooke - Not much you can do. Given that you are pretty early into the program, bailing out might not be a bad idea - although it will cost you quite a bit. @Brooke – Not much you can do.

Given that you are pretty early into the program, bailing out might not be a bad idea – although it will cost you quite a bit.

]]> By: Brooke http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-87862 Brooke Thu, 10 Mar 2011 00:34:24 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-87862 Hi I found this wesite too late....as Barb said I was that very sleep deprived mom of a one month old and they sold me. For the past year and a half I was under the impression that I was doing my child some good only to find this info after I started to research what USC was. I am really unhappy with USC and I want out. I have over $1600 invested in them now and they are telling me If I try to switch out to another company they will give me $39. Mike any advice? Hi
I found this wesite too late….as Barb said I was that very sleep deprived mom of a one month old and they sold me. For the past year and a half I was under the impression that I was doing my child some good only to find this info after I started to research what USC was. I am really unhappy with USC and I want out. I have over $1600 invested in them now and they are telling me If I try to switch out to another company they will give me $39. Mike any advice?

]]> By: Schultzter http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-82088 Schultzter Tue, 05 Oct 2010 17:26:26 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-82088 I'm with TD e-Series for the kid's RESP but lord o' lord was it tough to setup. There's no e-Series RESP application form - you have to setup a regular RESP account and then go online and submit a form to convert to an e-Series account. Then once the account is converted you have to convert the funds to e-Series funds. And you have to re-do the CESG contribution instructions since they can't be invested directly into e-Series funds (I have no idea why, and neither does anyone at TD). The MER on TD's e-Series funds is the lowest of anything out there. But the hassle around e-Accounts and the horrible customer service for e-Accounts is enough that I would not recommend that route to anyone who isn't ready to do the work by themselves - my discount broker is more helpful than TD is! I’m with TD e-Series for the kid’s RESP but lord o’ lord was it tough to setup. There’s no e-Series RESP application form – you have to setup a regular RESP account and then go online and submit a form to convert to an e-Series account. Then once the account is converted you have to convert the funds to e-Series funds. And you have to re-do the CESG contribution instructions since they can’t be invested directly into e-Series funds (I have no idea why, and neither does anyone at TD).

The MER on TD’s e-Series funds is the lowest of anything out there. But the hassle around e-Accounts and the horrible customer service for e-Accounts is enough that I would not recommend that route to anyone who isn’t ready to do the work by themselves – my discount broker is more helpful than TD is!

]]> By: Chris http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-66432 Chris Thu, 18 Mar 2010 17:04:12 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-66432 One more thing...if you do stick it out with Heritage they do return those fees in the end. One more thing…if you do stick it out with Heritage they do return those fees in the end.

]]> By: Chris http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-66426 Chris Thu, 18 Mar 2010 16:50:40 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-66426 This is what he said he would sign them up for in a family RESP http://funds.dynamic.ca/fundprofile.aspx?f=PW4K&lang=EN This is what he said he would sign them up for in a family RESP
http://funds.dynamic.ca/fundprofile.aspx?f=PW4K&lang=EN

]]> By: Chris http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-66424 Chris Thu, 18 Mar 2010 16:46:18 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-66424 Hi Mike, Thanks for the response. What info do you need from me... I signed up Nov, 2005. I have two plans and I contribute $75/month for each kid. Total $150/month. Fees for both plans are $1500 each. In the Prospectus it states that if you terminate the plans all these fees are not returned to you. There is little flexibility for payments if for example you loose your job and can not pay. I guess my question is do you or anyone on here think that if I pull out now loose the $3000.00 in fees sign up with something else if I could possible come out of this thing okay? On the most recent Heritage statement it says that my oldest son will have $40,000. 00 for option one (Must enroll in a 4 yr program) and $31,776.00 for a self directed option 2. For my youngest son they say he'll end up with $43,391 (Option 1) and $34,276.00 (Self directed option 2). Is this the kind of info you were looking for. I feel really sad about this. I would really appreciate some sound advice. Thanks in advance! Hi Mike,
Thanks for the response. What info do you need from me…
I signed up Nov, 2005. I have two plans and I contribute $75/month for each kid. Total $150/month. Fees for both plans are $1500 each. In the Prospectus it states that if you terminate the plans all these fees are not returned to you. There is little flexibility for payments if for example you loose your job and can not pay.
I guess my question is do you or anyone on here think that if I pull out now loose the $3000.00 in fees sign up with something else if I could possible come out of this thing okay?
On the most recent Heritage statement it says that my oldest son will have $40,000. 00 for option one (Must enroll in a 4 yr program) and $31,776.00 for a self directed option 2. For my youngest son they say he’ll end up with $43,391 (Option 1) and $34,276.00 (Self directed option 2).
Is this the kind of info you were looking for. I feel really sad about this. I would really appreciate some sound advice.
Thanks in advance!

]]> By: Mike http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-66398 Mike Thu, 18 Mar 2010 15:04:41 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-66398 Chris, that 'advisor' is just telling you want you want to hear in order to get your money. Don't listen to him. As for whether you should try to get out of the Heritage deal....you haven't provided any information at all to do any kind of analysis. Chris, that ‘advisor’ is just telling you want you want to hear in order to get your money. Don’t listen to him.

As for whether you should try to get out of the Heritage deal….you haven’t provided any information at all to do any kind of analysis.

]]> By: Chris http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-66396 Chris Thu, 18 Mar 2010 14:58:15 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-66396 I have a question about group plans...I was suckered 4 years ago and sign my two sons up with Heritage Education Fund. Recently I have been talking with a financial adviser and he suggested that if I go with Dynamic Power Canadian Growth Class that it might be worth while to switch. Anyone have any advice as to what the smartest thing for me to do in this situation is? Any advice is appreciated!!! Thanks I have a question about group plans…I was suckered 4 years ago and sign my two sons up with Heritage Education Fund. Recently I have been talking with a financial adviser and he suggested that if I go with Dynamic Power Canadian Growth Class that it might be worth while to switch. Anyone have any advice as to what the smartest thing for me to do in this situation is? Any advice is appreciated!!!
Thanks

]]> By: Mike http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-55175 Mike Sun, 10 Jan 2010 15:02:05 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-55175 Mary, I don't know anything about who you are talking to or what they are selling. The best advice I can give you is to take your time and do some research. There is no rush to set up an resp. Feel free to send me an email if you have specific questions. Mary, I don’t know anything about who you are talking to or what they are selling.

The best advice I can give you is to take your time and do some research. There is no rush to set up an resp.

Feel free to send me an email if you have specific questions.

]]> By: mary http://www.moneysmartsblog.com/resp-how-to-get-started/comment-page-1/#comment-55148 mary Sun, 10 Jan 2010 05:12:24 +0000 http://www.moneysmartsblog.com/resp-how-to-get-started/#comment-55148 Hi, But the sales Rep told me that the Global is not a group plan and it is individual, Could you please advice Hi,

But the sales Rep told me that the Global is not a group plan and it is individual, Could you please advice

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