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Discussion Starter #1
Hi,

I am currently with TD Direct for my investments, including RESP.

I opened an RESP account for my first child. TD Direct only has family accounts, so I opened a family type account.

With the new fee structure at TD Direct (https://www.td.com/ca/document/PDF/forms/521778.pdf) effective April 1, 2016, the quarterly fee of $25 is waived if balance of $15,000 in all accounts at TD Direct (or other conditions).

Question: Therefore, since account fee is waived, I was wondering if it would be easier to open a 2nd account for 2nd child for tracking purposes of CESG ?

There does not seem to have any system to specify contributions are for which children, so tracking seems to be a potential issue down the road

I will keep my own records for sure...

Thank you.
 

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when you make a contribution for family account, I believe the rep will ask you how much your allocating per child.

Not sure why you have to track CESG, just make the contribution evenly? In the online account summary it shows contributions to date? or you can just call the government to see how much you received so far?
 

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Discussion Starter #3
Thanks for your answer.

I make my contributions online on TD Direct for now, transferring from my checking account. Since I have one child for now, maybe that's why they don't ask anything? No questions asked at all.

I was wondering how it worked with many children for one family account.

Online account shows contributions to date, but it's a total?
"RESP Contribution Information
Type First 60 Days Remainder of 2016 Previous Years
Personal $2,500.00 $0.00 $X,XXX.00"


I can track per child each year how much I contributed ( I plan to do $2,500 maximum for CESG ).

For withdrawals, I thought it would be simpler to have one account per child to have CESG / Growth / Capital split per child.
 

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Its been a while so I may recall this incorrectly, but we had a single self directed RESP for our two kids at TDDI. As I recall, one advantage was that you did not have to withdraw proportionally, so if one had more post-secondary expenses or one didn't even go post-secondary you could fund them accordingly.
We didn't track anything beyond ensuring the appropriate contribution amount for each, and checking that we had received the correct gov't grant for both.
 
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