Resp

[pepa]

I like to know information about resps anybody its contributing for the RESP, which institution did you pic, any specifications in regards on what kind of account, I dont know that much, and for what I google it says that you have to be cautious with the small print as for wathever reason your kid doesnt go to school you loose the interest over the years, its that true
and whats the "average contribution" monthly or ones a year
I understand that the gov will give you $2 for every $10 that you save

Thanks

[MontrealMum]

What province are you in? That will likely affect the choices that are available to you. We went with one at the place where we do the rest of our investments, but would have also considered one of the bank sponsored ones. My FIL is a retired corporate attorney and used to write things like RESP boilerplate for a living so we had him look everything over first.

RESP money can generally be used by the child - or transferred to one of your other children who fit the age range - at any type of post-secondary educational institution. So, that includes trade schools and "jr. college" type places. I *think* that you're right, that if your child doesn't attend an approved institution you forfeit the interest but I do belive that you get the capital back. Also, if they go to school outside of Canada you forfeit the government contribution and I *think* the interest as well.

Here are a few links: http://www.hrsdc.gc.ca/eng/learning/...lic/resp.shtml
http://www.hrsdc.gc.ca/eng/learning/...lic/cesg.shtml
http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html