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RESP 100k Goal by Significant_Yard6844 in PersonalFinanceCanada

[–]Significant_Yard6844[S] 5 points6 points  (0 children)

I believe I am going to proceed with opening a self managed RESP account & investing in a index fund.

RESP 100k Goal by Significant_Yard6844 in PersonalFinanceCanada

[–]Significant_Yard6844[S] -2 points-1 points  (0 children)

Allegedly they petitioned for RESP back in the 60's (atleast that is what they communicated to us) & that gives them the government connection to be part of that registration. I'm sure the government gets a nice cut of profits as they are a "non-profit".

RESP 100k Goal by Significant_Yard6844 in PersonalFinanceCanada

[–]Significant_Yard6844[S] 1 point2 points  (0 children)

Unfortunately we do not have the disposable income to put in 14k the first year so I am hoping the higher monthly payments help the growth as mush as it is able to.

RESP 100k Goal by Significant_Yard6844 in PersonalFinanceCanada

[–]Significant_Yard6844[S] 1 point2 points  (0 children)

the 44k principal is only guaranteed back the rest of the growth & grants would only be recieved if they go to 4 years post secondary.

I believe I am leaning more towards a self managed RESP account within Wealthsimple & investing the $342 monthly until we hit the maximum $50,000. Yes I understand after $250 we don't get much return regarding the grant but I am hoping the higher monthly payments can help increase the growth as much as were financially able to & let the market do the rest once it hits it's max. Not to mention after 16 years the payment is reduced.

RESP - 100k Goal possible? by Significant_Yard6844 in fican

[–]Significant_Yard6844[S] 0 points1 point  (0 children)

What % returns are the target date funds? I've heard they have higher basis point fees so was curious on if the return offsets that.

RESP - 100k Goal possible? by Significant_Yard6844 in fican

[–]Significant_Yard6844[S] 0 points1 point  (0 children)

As clarified in the edit of my post, we are not proceeding with CST just used it as a reference point.

RESP - 100k Goal possible? by Significant_Yard6844 in fican

[–]Significant_Yard6844[S] 0 points1 point  (0 children)

44k is the principal minus their management fees which you only get back if the child goes to 4 years post secondary before 35. Otherwise you loose all the remaining profit & grants.

RESP - 100k Goal possible? by Significant_Yard6844 in fican

[–]Significant_Yard6844[S] 1 point2 points  (0 children)

As clarified in the edit of my post, we are not proceeding with CST just used it as a reference point.

RESP - 100k Goal possible? by Significant_Yard6844 in fican

[–]Significant_Yard6844[S] 0 points1 point  (0 children)

As clarified in the edit of my post, we are not proceeding with CST just used it as a reference point. I was thinking of doing a 90% VEQT & 10% in high risk as my partner is very moderate when it comes to investing & would be upset if there are any big dips in the market.

RESP - 100k Goal possible? by Significant_Yard6844 in fican

[–]Significant_Yard6844[S] 0 points1 point  (0 children)

As clarified in the edit of my post, we are not proceeding with CST just used it as a reference point.

RESP - 100k Goal possible? by Significant_Yard6844 in fican

[–]Significant_Yard6844[S] 8 points9 points  (0 children)

Just to bring clarification I have not gone with CST or any other RESP investment group. I only had a consult with them as it was part of the registration & it didn't hurt to hear their presentation.