I am already late in getting RESP for children
At present doing shopping for RESP
Is there any difference if I take RESP from bank or from Private company?
I recently meet one sales rep who worked on commission basis with private company
The picture I got is - bank charging too much money on fees etc etc...
So always go with private company
Of course this private company is not working FREE
They have various fees in the name of Membership fee, adm fee etc etc.
Here are various fees coming in picture -
Membership fee - $100 per unit ( unit depends on age of child & amount )
Adm fee- 0.55 % per year times 18
Adm fee for canada edu saving grant - 0.55 % per year times 18
Depository fees- $150 one time
Out of this
Only membership fees will be refunded after age 18 when child go to university
Sales rep says bank too charges almost similar way but different names like
Management Expense Ratio ( MER ) on contributions as well on Canada edu savings grant
Just wanted to confirm what is correct ?
I heard about various private companies like Children education fund, Heritage education funds etc etc...
Of course I will be visiting soon bank also to take more information
Thanks
Quote:That is, quite obviously, a biased opinion and not quite correct either.
Originally posted by mumdxbcan
Is there any difference if I take RESP from bank or from Private company?
I recently meet one sales rep who worked on commission basis with private company
The picture I got is - bank charging too much money on fees etc etc...
So always go with private company
Quote:Yeah, this is pretty standard.
Here are various fees coming in picture -
Membership fee - $100 per unit ( unit depends on age of child & amount )
Adm fee- 0.55 % per year times 18
Adm fee for canada edu saving grant - 0.55 % per year times 18
Depository fees- $150 one time
Quote:Not true at all.
Sales rep says bank too charges almost similar way but different names like
Management Expense Ratio ( MER ) on contributions as well on Canada edu savings grant
Quote:Yeah, these are the private funds.
I heard about various private companies like Children education fund, Heritage education funds etc etc...
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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"
Thanks Pratickm for valuable info
So in short he/she was just giving UNTRUE picture about RESP from bank
If I really want to save so many different fees
I should just open bank based RESP which is investing primarily in GIC etc
If I don't invest those money in mutual funds, naturally MER & other things will not come into picture
Just wondering if anyone has open RESP with such tontine schemes like Children education fund, Heritage education funds etc etc.
How is your experience in service, fees etc.
Thanks
Quote:I would say yes it is a biased opinion.
Originally posted by mumdxbcan
So in short he/she was just giving UNTRUE picture about RESP from bank
Quote:That would save on the fees, yes, however that may or may not be the best option for you.
If I really want to save so many different fees
I should just open bank based RESP which is investing primarily in GIC etc
Quote:Correct
If I don't invest those money in mutual funds, naturally MER & other things will not come into picture
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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"
If any one has done any thing in detail such as opening a TRUST account as RESP and managed the same by themselves, by-passing the current expenses and the fees incurred, either through a Bank or a Trust or handled the same through a broker?
Any help or comments in this will be highly appreciated.
Thank you in advance.
Freddie.
I am looking to open RESP account ofr kids, Could somebody please share experience with USCF, CST and Bank.
Thanks
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Saloni
Whenever you avail any service ( s) from banks you will find that their charges are always higher thn financial companies and normally your investment will not do that good either, thats my personal experiance.
I would suggest you to go with a company only deals with RESPs, do some research before you decide and DO NOT take any Decision under Sales rep. pressure and always reconfirm the claim made by Sales Rep. from other sources .
RESP was my first investment in Canada almost 14 years ago and am happy with the performance of my funds ( of course I did not invest with the Bank)
(Just as a side note .. don't get confused with my ID it does not mean Registerd Education Savings Plan... it's short form of Respiratory )
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