Posted on: 13-08-08 15:14:05
Well said Ashwini!
I would also like to know what exdubai is talking about. Not through PM but through this forum
exdubai....we r all waiting 4 ur reply.If anyone else also has sum good plan .. plz suggest.
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Life is too short for drama & petty things, so Kiss Slowly, Laugh Insanely, Love Truly and Forgive Quickly.
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Quote:What kind of information are you looking for specifically?
Originally posted by cool girl
exdubai....we r all waiting 4 ur reply.If anyone else also has sum good plan .. plz suggest.
Have you reviewed the links posted on this thread?
Have you done a search on charcha and reviewed older threads?
What about Govt. of Canada's site?
If you are expecting someone to provide you a foolproof growth plan, that can't happen without knowing your specific circumstances.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
I have'nt done any search so far.But will do that soon.Someone suggested to meet a financial advisor whom i will meeting next week.Do these fin. advsrs give reliable info? or r they biased to the plans they r dealing with?
How about mutual funds?
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Life is too short for drama & petty things, so Kiss Slowly, Laugh Insanely, Love Truly and Forgive Quickly.
.......................................................................................
I suggest you do a bit of research before you meet financial advisor. The link I provided before has most of the information.
Personally I think Advisor could be biased based on what he/she can sell.
Mutual Fund based RESP is good where money will be invested into funds based on your investor profile. If your profile is conservative, you are looking for low returns.
I have never liked group plans simply for a reason that it does not give me any money if my child does not go for full four year study and more restriction.
Also there is one from IA (See information on this forum), which is like mutual fund but with higher MER (basically it cost you little bit more to manage the plan). This is usually compensated by the additional bonus they provide based on your child’s age. Also included are guarantees on your principle, death benefit.
I hope this is of some help.
Quote:You need to do your homework.
Originally posted by cool girl
I have'nt done any search so far.But will do that soon.Someone suggested to meet a financial advisor whom i will meeting next week.Do these fin. advsrs give reliable info? or r they biased to the plans they r dealing with?
How about mutual funds?
I suggest read up on RESP from Govt. of Canada website.
Most of the top 5 bank websites have pretty good distilled information on RESP as well.
I would not recommend blindly walking into a discussion with a financial advisor without doing your homework and figuring out what your goals are and how you want to achieve those goals.
A good financial advisor can help you achieve those goals, but you need to do your homework first.
Also, without understanding the concept yourself, you can be duped by one of the many MLM or group plan agents, whose only interest is to lock into to a long term committment.
Finally, mutual funds are not separate from RESP - mutual funds are one of many investment vehicles that can be part of an RESP plan, just like GIC or bonds.
Again, it depends on what your goals are, what your investment nature is and how you wanna go about it.
Scotiabank's website has a very good section on RESP, including a tool to estimate your investment profile and needs.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
I have done some considerable research on RESP's myself for my 6 month old son, which includes major RESP providers CET, USC, Heritage, CEFI and banks RBC, TD Here's something i would like to put forward for :-1. Firstly, you need to understand the underlying regulations w.r. to CRA- i.e the child needs to be a resident of Canada to avail benefits of scholarship money during maturity -usually when child turns 17 or 18 and attends a qualifying institution.2. The costs involved i.e. enrollment fees are around $200 per unit-which is exhorbitant in my belief! Also, rate of return is in bet 4-6 % for most of these companies less the enrollment fees' -Risks-Child does not attend or qualify for scholarship-Child does not attend a " 4 " year study programParents along with child may have "immigrated" to other country than Canada.Requires discipline for regular investments in Group plan-ie if u miss installments , plan may stop and risk of losing invested money.3. Advantage- Amount at maturity is not taxable or is at low tax rate to student.4. If you r considering investment in RESP , consider companies old enough 40-50 years..and study all plansI am not negative completely though , but this is what i have found..I was given honest advise by some individuals in this business-I have put forward my views!
