I’m going to copy Million Dollar Journey here and ask a question for a Saturday.
I’ve had a few comments & questions on RESPs and wanted to know if there was any interest in detailed series on the topic. There is a ton of material to cover so it would take probably a half dozen posts or so. Unlike the baby series I would spread it out a bit ie one post a week.
Anyways, let me know what you think via comments or email.
9 replies on “Question for the Readers…”
I’m interested in a series about RESPs. I’ve got some set up but I’ve never really taken the time to learn all the ins and outs of the program.
Hi, I’m interested in learning more about RESPs. I’ve read little, and it would be great if you could discuss RESPs vs income splitting. In this case, income splitting would be to somehow transfer part of my annual income to the child during the first 18 years. Thanks!
Ok, I’ll put the RESP on my list. It’s going to take me a while so probably by the end of the year at the latest I’ll start posting – or much earlier if I’m so inspired.
Faisal – I’ll look into the income splitting but I’ve only heard of transferring income to a family member by hiring them in the family business. Do you know of some other way?
Mike
Yes! This was one of the question I touched on with my Financial Advisor, but since 1) we don’t yet have kids (but plan to), and 2) that was not the purpose of our visit, we did not pursue the topic. I would definitely like to know more about RESPs.
re income splitting- There are several options already possible including transferring unused education credits, medical costs and establishing a family trust, as well as employing your spouse or child. However more to the point for many of us is getting government to permit household based tax, as over a dozen nations already do. We held a conference about this on Parliament Hill January 2007 and you may wish to check out the website. Many economists and taxpayer associations are working on this.
http://sharingincome.tripod.com
I’d like to see an advantages and disadvantages of an RESP vs. a non registered plan intended mainly for your child’d education.
Bev – thanks for the comment and I’ll check out the link.
MG – that’s a great idea.
Mike
Yes please… do write about RESPs… have a new baby and was somehow pulled into a group resp scheme and $500 later came to know more about ti and withdrew… An article about resp would help me and a LOT of people like me..
thanks for even thinking about it. 🙂
With that comment Kay, how could I not write about RESPs?
It should be out in the next couple of months.
Mike