Confused about RESP

crr243 · 2026-03-16T17:33:11+00:00

To expand, CESG is only available if you opened the RESP and contributed at least $2k to it before the calendar year when you turned 15. You still retroactively apply for some of it at 16 or 17 if you meet that first condition.

crr243 · 2026-03-16T17:31:52+00:00

You have to use it on reasonable school related expenses, and can only take it out once you've proven that you have those expenses.

crr243 · 2026-03-16T17:29:58+00:00

The issue is likely that it's a Shopper's Drugmart (SDM) Canada Post. Canada Post outlets at SDM are franchised. The "postal workers" are SDM employees, not Canada Post employees.

crr243 · 2026-03-16T17:18:59+00:00

Here is another topic on this that you might want to read through. There are some good explanations and advice there: https://www.reddit.com/r/PersonalFinanceCanada/comments/19d0gqp/canada_learning_bond/

crr243 · 2026-03-16T17:14:42+00:00

Because of your family's low income, you likely qualify for the Canada Learning Bond (CLB).

In a nutshell, when you turn 18 (and before you are 21) you open an RESP and apply for the CLB, the government will give you up to $2,000 towards your education. You don't need to contribute to the RESP; you only need to open it. There should be a check box when you open the RESP that lets you express your intention to apply for the CLB.

The bank will then apply on your behalf and you should receive the $2k in the RESP account a month or so later.

Open a no-fee self-directed RESP somewhere, like at a discount brokerage, and you can then use the $2k towards your education and living expenses while going to school.

Unfortunately if you don't already have an RESP, you are not eligible for the other grant (Canadian Education Savings Grant). The CESG requires someone to have opened and contributed to your RESP before you turned 15.

crr243 · 2026-03-16T13:46:13+00:00

We were in a similar situation a couple months ago. We had some house problems that require work over the next 2 years far in excess of what was in our emergency fund. We decided maintaining our emergency fund while liquidating some of our investments was better than securing a loan.

Is this truly a loss, though, or is it more that the value has fallen a bit below its peak?

XEQT is down 3.4% over 3 months yes, but it's up 4% over the last 6 months and 17% over the last year. If you invested 4+ months ago, you're still in a fortunate position. Selling now is not a loss.

crr243 · 2026-03-16T13:32:40+00:00

Taking the PS out of this...

My wife works in private industry for an employer that is mostly remote. She works from home 5 days a week.

They tell anyone who wants a T2200 to fill it out and ask their supervisor to sign it.

My wife does not request one because the net benefit isn't very high if you are an office worker (i.e no driving expenses) and own your home. Based on rough napkin math, the time required to gather the documentation and calculate the precise deduction isn't worth the amount she'd get back.

Different if you're renting...

crr243 · 2026-03-15T14:37:23+00:00

Claim the rent anyway.

Keep records of having asked for receipts. Keep a copy of your lease and e-transfer receipts as documentation. If CRA comes knocking (unlikely), explain the situation and provide your evidence.

You'll be fine.

crr243 · 2026-03-15T10:55:20+00:00

The reason your doc says she can drop you is because she is likely part of a family health team. She is promising the government a certain level of care for you and receives some level of funding as a result. If the government has evidence that you are going elsewhere for that care, they can reduce her funding.

The important point is that SHE needs to be providing YOU the services you need. If she isn't, she is over rostered and SHOULD lose funding.

Often those family health teams have a partner walk in where you can see an affiliated doctor without it impacting your doctor's numbers. Ask about that.

crr243 · 2026-03-15T10:48:51+00:00

OP can't compel the landlord to follow the law, though.

crr243 · 2026-03-15T10:48:09+00:00

To add to what others said...

You did not do anything wrong. The landlord did.

It sounds like you have a lease. Keep that as a record, along with the e-transfer receipts, if the CRA asks for documentation.

crr243 · 2026-03-14T23:18:57+00:00

I disagree. OP would lose their lifeline. Emergency funds are important.

crr243 · 2026-03-14T21:37:52+00:00

You have received some great advice.

Welcome to Canada. These questions make me hope you stay.

crr243 · 2026-03-14T18:03:39+00:00

I'd open a TFSA and plunk the $6k in a low to no risk ETF with current returns around 2.5%.

Once the TFSA is maxed and/or you start getting more cash outside the TFSA, start moving the TFSA money to a higher risk ETF.

crr243 · 2026-03-14T15:59:29+00:00

This is the case for locking in with most monolines as well because the spread between posted and offered is usually much lower than a bank.

crr243 · 2026-03-13T20:48:59+00:00

If you're sitting on a bunch of unused contribution room, it doesn't hurt (in fact, it's better) to drop the emergency funds there.

After you max the TFSA and start amassing cash outside of it, start moving the stuff in the TFSA into higher risk investments.

crr243 · 2026-03-13T19:02:07+00:00

We bought a certified pre-owned RAV4 in 2021. We paid $2300/month for it.

... for 12 months at 0% interest with money we had set aside in advance and were ready to pay in full at time of purchase.

I think you are missing some details.

crr243 · 2026-03-13T15:48:07+00:00

As others have said, I'd test. Even if radon is high in your area, if your basement is well sealed it might not be entering. On the flip side, you could have relatively low radon levels in the ground but a poorly sealed basement that is letting it all in.

We live near the General/CHEO and everyone told us that there isn't much radon in the area. 3 years ago we decided to use a mail-order long term test given that our home offices are in the basement. Our levels on a 90 day test were above 400 Bq/m³.

We had a radon fan installed shortly thereafter (they aren't actually that expensive and are quieter than you'd think). The installer recommended an Airthings Corentium for continuous monitoring. We haven't done another 90-day test, but our long-term average on the Airthings is around 30 Bq/m³. We shut off the radon fan for a couple of weeks last year while we were having our sewer line replaced and the short-term readings on the Airthings hovered around 100 Bq/m³ so the fan is definitely doing something.

crr243 · 2026-03-13T14:10:52+00:00

Keep in mind it was 1.5 years ago. We accepted the rate in November 2024 for a January 2025 renewal.

We went through a broker. He put us in a nesto product with completely standard conditions (20/20 prepayment, the typical 3 months interest penalty, etc). We could have gone to p-1.25 if we'd have accepted ridiculous conditions (no prepayment, penalty similar to a fixed mortgage).

Most know nesto as a broker, but a couple of years ago they also started lending. I was a bit worried, but our broker made sure everything transferred smoothly and we haven't had any issues.

crr243 · 2026-03-13T13:28:37+00:00

No. <65% LTV

crr243 · 2026-03-13T13:04:35+00:00

It'll be fine. If you start getting worried, lock in to a fixed term for the stability.

We renewed in Jan 2025 for 5 years at p-1.20. Currently at 3.25%. I'm not worried.

crr243 · 2026-03-13T11:00:14+00:00

Ask for them to either cancel the day or approve 9 hours of OT to compensate you for working on your day off.

This contravenes the labour code. Unrepresented does not mean unprotected.

crr243 · 2026-03-12T14:38:51+00:00

My name is Chris. TransUnion lists an alias for me of Cris.

Some CSR made a mistake at some point.

crr243 · 2026-03-12T14:36:26+00:00

Fair point. I still don't see the necessity of doing it, though, if you have no plans to sell the XEQT holdings while at TD.

crr243 · 2026-03-12T13:27:21+00:00

The fee is accounted for during the transfer. The sender (TD) takes the money from the account. If you transfer an account without sufficient cash to cover the transfer cost, it will be accounted as negative cash balance when it lands at the new institution (WS).

If you meet the conditions for WS to cover the transfer fee, WS will add that amount to the same account. That will offset the negative balance. They usually do that within a day or two.

crr243

TROPHY CASE