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Originally posted by DesiGuy1981

Hello Everyone,
I just had a new born 4 months ago and his child benefits has started coming.
I would like to ask our fellow CDS for their opinion on where to keep money for his future?
Thank you for any help in advance

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Use the Child Tax Benefit amount for opening RESP for your child. This way it will grow further as the Government will give you at least 20% grant every year on the first $2,500 and depending on your income level you may qualify for additional grant as well.

Read all about this here
http://www.hrsdc.gc.ca/eng/learning/education_savings/public/cesg.shtml

http://www.servicecanada.gc.ca/eng/goc/cesg.shtml

and consult a professional or two to get maximum information before taking any decision. You can search previous postings on this forum as well. However, please, please, please AVOID GROUP RESP plans floated by companies like Heritage, Global and Children's Education Fund etc. AT ANY COST. Read about group plans on Google or click here
https://www.google.co.in/#hl=en&output=search&sclient=psy-ab&q=resp+group+plan+providers&oq=group+resp+pl&gs_l=hp.1.1.0j0i8i30l3.2299.10002.1.12732.19.16.3.0.0.0.359.4454.2-13j3.16.0.eqrwrth.1.0.0...1.1.EYBYdZVx728&psj=1&bav=on.2,or.r_gc.r_pw.r_qf.&fp=500143d3cb9800f1&bpcl=35466521&biw=1280&bih=707

Good Luck.

Quote:

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Originally posted by Pramod Chopra

However, please, please, please AVOID GROUP RESP plans floated by companies like Heritage, Global and Children's Education Fund etc. AT ANY COST.
Good Luck.

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Excellent advice, if I was one of the moderator, I would have made this as sticky. The entire response is good.
Kudos!