I dont know much about RESP I took the plan from (cefi) and contributing 100$ /month. Does anyone with cefi. They said after 17 year he ll get around $66K. If child doent go for higer edcution your ll be transfer to RRSP.
Anyobdy with cefi eudction program. How is their reputation. Is it a good plan or should I change it.
Quote:
Originally posted by adnancanada
I dont know much about RESP I took the plan from (cefi) and contributing 100$ /month. Does anyone with cefi. They said after 17 year he ll get around $66K. If child doent go for higer edcution your ll be transfer to RRSP.
Anyobdy with cefi eudction program. How is their reputation. Is it a good plan or should I change it.
Yes I have group plan. I think my unit 7.5
Group plans differ from company to company... Don't assume they are all the same or that they all have the same performance and pay out structure.
there are 2 and 3 year options with CEFI that allow you to remain in the group program and receive your investment income. This is unique to CEFI group plans. Always speak to your agent or head office prior to making changes so you can be sure you have the accurate information to make your decisions.
As for enrollment fees, the fees are substantially less overall than MER fees that will accumulate with a banking institution or investment company. There are always fees, some are called MER's.
Also check the rate of return and compare to the MER. it is currently common to see MER's that exceed the Rate of return, that would effect the funds growth. How can it grow if the fees rate exceeds the return rate...
Best of all you are planning for your childs future.. this is a great way to ensure there will be funds available to allow them to persue post secondary education. Congratulations!
Quote:
Originally posted by adnancanada
I dont know much about RESP I took the plan from (cefi) and contributing 100$ /month. Does anyone with cefi. They said after 17 year he ll get around $66K. If child doent go for higer edcution your ll be transfer to RRSP.
Anyobdy with cefi eudction program. How is their reputation. Is it a good plan or should I change it.
Go to the Ontario Securities Commission webpage and type in RESP
This will show you a comparison of the different tyes of plans with RESP.
Personally as an advisor, my clients have their RESP in mutual funds. All their money is theirs. No enrollment fees, deposit fees etc.
You can always contact me through my email for more info.
I would like to suggest you to go directly to a well reputed bank or financial institute like TD, CIBC or Scotia. Your money and grants would be more secured than any other trust companies.
I have heard that many trust companies are creating troubles at the time of issuance of money and that is the reason why many agents have left trust companies.
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