RESP Reference
RESP rules is a one page summary of RESPs accounts and their rules.
RESP Contributions – This post covers the rules regarding how much you can contribute to your RESP as well as a couple of detailed examples.
RESP Withdrawals – Covers the different types of withdrawals from RESP accounts and their rules and tax implications.
8 Things you need to know about withdrawing money from your RESP account. Lays out the details of how to actually withdraw the money.
How to Start an RESP – This article discusses doing it yourself or working with an advisor.
RESP Additional Grants – Takes a look at the extra grants available including additional CESG, Canada Learning Bond, Alberta ACES program.
RESP Individual and Family plans – A discussion of the rules, differences and similarities of these plans.
RESP vs. Non-registered account – which is better? – A comparison of an RESP account and a non-registered (taxable) account to find out which is better financially if the child goes to school and if they don’t go to school. Trusts are also mentioned.
RESP Asset allocation - This post covers some suggested asset allocations for your resp account.
Keeping It All In Perspective – A reminder that RESP contributions shouldn’t take priority over more important financial obligations.
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We have 4 grandchildren – ages 10,7 and twins that are 3. We would like to start an RESP for each of them. Would it be better to get a family plan since I have no idea if all will go to higher learning? Can we start with just $500 each for them? How much would the govt portion be? Should they be in our name or the parents’ name? We would not want the RESP to go into our estate upon our death. Hope you can set me straight. Thanks.
@Audrey.
It doesn’t matter if you have a family account or 4 individual accounts. You can transfer funds between the siblings quite easily in either case.
In general, having one account is simpler, and if there are annual account fees, it will be cheaper.
This post contains info about the contributions and grants
http://www.moneysmartsblog.com/resp-contributions/
If you put the account in your name, then change your will to reflect the RESP account.
Alternatively, you can get the parents to set up an account but you will have no control over the account. They can cash it in anytime.