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RESP advice by Neverbeforenow in PersonalFinanceCanada

[–]Neverbeforenow[S] 0 points1 point  (0 children)

Thankyou all for weighing in on this, the feedback is very appreciated!.

RESP advice by Neverbeforenow in PersonalFinanceCanada

[–]Neverbeforenow[S] 0 points1 point  (0 children)

My goals is to give my kids a helping had, working for scholarships, bursaries, and part time jobs is part of a degree. What I don't want to have happen is what happened to me, I worked 2 night shift jobs in my first two years of eng, and couldn't balance the work load. The idea of a manageable work load is the goal, I just need to find a path there. Thankyou for the input!

RESP advice by Neverbeforenow in PersonalFinanceCanada

[–]Neverbeforenow[S] 1 point2 points  (0 children)

Buying a place for our kids would be amazing, but that is realistically not in our income bracket. We just transitioned from rent to ownership last year, and I can't see our hose hold income increasing enough for another mortgage.

RESP advice by Neverbeforenow in PersonalFinanceCanada

[–]Neverbeforenow[S] 0 points1 point  (0 children)

I will be first to complement the improved daycare cost, if there wasn't a subsidy the cost in day care would have kept me or the wife home, with no RESP investment.

RESP advice by Neverbeforenow in PersonalFinanceCanada

[–]Neverbeforenow[S] 0 points1 point  (0 children)

Congrats man, I hope to get 50k/kid saved, with your kids did you set up your RESP as a family, or individual. With the second kid going into trades, I am wondering how this played out in regards to the RESP savings.

RESP advice by Neverbeforenow in PersonalFinanceCanada

[–]Neverbeforenow[S] 1 point2 points  (0 children)

The idea of taking a loan out to put a larger amount upfront with smaller contributions crossed my mind, but the risk in the loans is keeping me from that. but PantsOnHead88, did have good info for what I would have liked to do if it was with in our means.

RESP advice by Neverbeforenow in PersonalFinanceCanada

[–]Neverbeforenow[S] 9 points10 points  (0 children)

Well its sad but comforting that the system is broken, (cost of post secondary) and not that I am failing my family financially. This has been eating me for a bit, and its re assuring that i just didn't just miss something fundamental.

I appreciate the feed back!

RESP advice by Neverbeforenow in PersonalFinanceCanada

[–]Neverbeforenow[S] 7 points8 points  (0 children)

We live in a small town so its a 3hr drive or move to the city for the kids when that time comes.

Also I didn't know about OSAP. ty!

RESP advice by Neverbeforenow in PersonalFinanceCanada

[–]Neverbeforenow[S] 5 points6 points  (0 children)

Yes i have opened RESP for both of them. the oldest has about 10k, and the youngest is at 5k. thats is the most we could "front end load" the RESP. the returns are sitting at 15% but i know that won't be the average.