I'm trying to find out what sort of financial vehicles would be available to invest some money in for my partner's 3 nieces. Every year we give them $500 respectively on their birthdays. We'd originally just given the parent's checks made out to them with notations that they were to be deposited into each child's respective RESP. We were always led to believe this had been done.
It has just come to our attention that the parents, well the mother, has spent all the money we've ever given them. It seems from my understanding is that she spent it on things for herself.
We'd like to continue to invest yearly for this children, however we need a new method in which we can invest for these kids, but that the parents cannot access. We don't want to start a family fight over this or anything, we just need a better way to invest for them.
I was thinking of buying Canada Premium Bonds in the kids' names, but it appears that the parents as guardians will be able to get access to the funds.
What are our other options? The next birthday coming up will be in October.
**edit**
The money is intended for future education. We've given the children to date $2,500.
It has just come to our attention that the parents, well the mother, has spent all the money we've ever given them. It seems from my understanding is that she spent it on things for herself.
We'd like to continue to invest yearly for this children, however we need a new method in which we can invest for these kids, but that the parents cannot access. We don't want to start a family fight over this or anything, we just need a better way to invest for them.
I was thinking of buying Canada Premium Bonds in the kids' names, but it appears that the parents as guardians will be able to get access to the funds.
What are our other options? The next birthday coming up will be in October.
**edit**
The money is intended for future education. We've given the children to date $2,500.
