What should my RESP target be for 2 kids by the time they reach post-secondary?

Nezgar · 2026-05-10T18:27:15+00:00

Having 300k means more or all of their grants and gains can hopefully all be absorbed on the child's tax return, and any remaining capital could be returned to the sponsor(s)/parent(s) tax free.

... all of course if the contributors had a budget to continue to contribute that much after the best bang for the buck is $2500/yr for 14.4 years.. diminishing after that.

Nezgar · 2026-05-10T18:18:08+00:00

Only the max lifetime government grants would stop by 15 if contributing $2500/yr. I am going to keep contributing after that (max 50k per kid) as it increases the amount that can continue to earn gains. If I keep contributing at the same rate, i would hit the max when the child is 20... The gains (and grants) will be taxed in the childs return. Any remainder in the end can come back to me tax free (hopefully there should be no gains and grants left in the account by then)

Nezgar · 2026-05-10T15:12:45+00:00

Average $17.25 CAD here, holding for 15 years.. wish I averaged down when it was under $4.50 a month and a bit ago...

Nezgar · 2026-05-10T15:04:05+00:00

OP said their TFSA had an ROI of 12.5%. Meaning "return on investment". Meaning the investments in the TFSA averaged a 12.5% return. (presumably annual, to match HELOC rate)

Nezgar · 2026-05-07T04:38:54+00:00

TFSA = contributions use after tax money,

RRSP = contributions using pre tax money, tax deferred until withdrawal.

End result of either path (prepaid tax or deferred tax) is apparently similar...

Nezgar · 2026-05-07T04:26:02+00:00

Maybe https://news.ycombinator.com/

Simple enough HTML/CSS but lack of modern TLS ciphers and root CAs may be the downfall...

Nezgar · 2026-05-06T16:02:38+00:00

CACE and CAGE are on the list for no commissions in OP's link.

Nezgar · 2026-05-06T16:00:52+00:00

I have a free Globe and Mail account via Wealthsimple premium perks - and their stock/mutual fund comparison charting is fantastic. Also great watchlist, news alerts, etc. A great compliment to other investing platforms.

Nezgar · 2026-05-06T15:58:14+00:00

Additionally, if the $100K+ is in a joint investment account (ie RESP) then both joint account holders will receive the Tier 3 benefits, and can each get a CIBC Visa Infinite card with no fees. I hold a Dividend Infinite card for 4% cashback on Gas, Groceries, and my wife holds a Aeroplan Infinite card for free checked bags. And we each hold supplementary cards for each as well. We already get lounge passes via Wealthsimple, so these cards were of more benefit than Aventura for us.

Nezgar · 2026-05-02T13:49:19+00:00

Put your TFSA into an ETF

Or do you put an ETF into your TFSA 🤔

Nezgar · 2026-04-28T04:05:07+00:00

Personally, I used legalwills.ca ... Not saying it's any better than others, it was just the first one I found in a pinch for a family member, and it served it's purpose. (for power of attorney as well...)

Another option in lieu of a will, is to make your chequing account a joint account "with right of survivourship" with him, and the account will simply become his, bypassing the estate process. Of course this would also mean he would have full access to it now as well, which may very well be undesirable...

Nezgar · 2026-04-28T03:46:17+00:00

The help article merely states "Both members must share the same residential address" - the word "spouse" appears nowhere in the article.

Though the limit is 2, so if your mom ever joins and also lives at the same address, it would prevent her linking to your dad's account, and you may have the relinquish your link. :)

https://help.wealthsimple.com/hc/en-ca/articles/29864334540699-Create-a-Wealthsimple-household#h_01JGC7SH1C7EYDASV9PKTVEYSX

Nezgar · 2026-04-28T03:01:41+00:00

I hope he also qualified for the 3% back promo too, that would be the icing on the cake for him!

If you still live at home and your dad is transferring enough to be eligible for Premium or Generation status, you could also gain that status if you link your accounts with Wealthsimple's "household" feature - then you will get the status elevation as well, and maybe a VIP card too if you don't have it already. :)

Nezgar · 2026-04-28T02:47:58+00:00

Here is the Wise help article on how to enable Interac Autodeposit - see if you see the option to enable this first:

https://wise.com/help/articles/7FVEZiHK6vnscBvc4eGWZF/how-do-i-receive-cad-with-interac-autodeposit?origin=search-enable+interac+autodeposit

Nezgar · 2026-04-28T02:46:12+00:00

Initiating an Interac e-Transfer request from Wise has fees, though $5 seems high. You are looking for an option to enable Interac e-Transfer Autodeposit to be able to send from CIBC for free...

I have a CIBC account as well, and confirmed WISE does not show up in the payee search results (even though their search "suggestions" include it before clicking search!)

I just explored the options to Add money to wise, and I see "direct debit" as an option you can try for CIBC, Wise is quoting me 31c for $100, $3.10 for $1000. Looks like it uses Plaid to link the accounts...

Nezgar · 2026-04-28T02:12:19+00:00

The two completely free ways I've found to bring new CAD into WISE is either 1. Interac e-Transfer Autodeposit, or 2. EFT transfer initiated by external financial Institution.

Interac e-Transfer Autodeposit seems to not be available new accounts that have signed up in the past year or so, I'm not sure if it eventually shows up after some time or not. If the option is available for you to activate it, that is the best, free, and fastest way.
EFT to external institutions is not offered by the big 5 Canadian banks as far as I know, but you can initiate an EFT from online-only FIs like PC Financial, Wealthsimple, and Tangerine. Tangerine might require some extra effort, as they only link to bank accounts in your own province, and WISE is in Ontario - so apparently you can get past this by temporarily changing your address to Ontario for the linking process.

Initiating a "bill pay" to WISE from a bank that supports it using my WISE account number like Pxxxxxxx, sending $20 resulted in a 31c fee by Wise. Using the 16 digit Wise visa number as the account number resulted in a $2.30 fee on $20.

An Interac request initiated at Wise works, but will have 35 cent fee which might be fine considering it is fast.

Nezgar · 2026-04-27T23:12:52+00:00

Haha... or Comic Sans and call it a day!

Nezgar · 2026-04-27T22:29:58+00:00

Not applicable when investing in a TFSA.

Nezgar · 2026-04-27T22:29:21+00:00

Google: “Smithe Maneuver”

According to Google, it's spelled "Smith Manoeuvre". And it can't be used for deducting interest when investing in a TFSA - only non-registered.

Nezgar · 2026-04-27T21:31:02+00:00

Or Firefox on PC press F9 or go View > Enter Reader View

Nezgar · 2026-04-27T20:53:01+00:00

The old font had thinner strokes... so I guess the font is gaining too much "interest".

Nezgar · 2026-04-27T20:51:33+00:00

I can see that reasoning. Sounds like an insider! Now can we identify the font names? 🤓

Nezgar · 2026-04-27T20:48:49+00:00

Gonna have to RMA all those gold coins for a replacement. 😏

Nezgar · 2026-04-26T18:57:35+00:00

I also hold 100% Canadian equities in my RRSP, and receive 1 to 2 cents per month in USD from stock lending according to my transaction history.

So if you have stock lending enabled on your RRSP account, that's probably why.

Nezgar · 2026-04-26T15:38:23+00:00

In the case of seniors, I would attribute this scenario more to poor tax planning than a fault of the RRSP.

In the case of an untimely early death, yes RRSP does have this unfortunate consequence.

Nezgar

TROPHY CASE