[CanadianCapitalist]

A self-directed RESP does not attract fewer grants than an IG RESP.

I don't know where you heard this info, and I worry it might have been from your IG salesperson...

Actually, unless something changed recently, it does. TD Mutual Funds, for instance, is set up to receive the 20% CESG but not the additional grants available for low-income households.

http://www.hrsdc.gc.ca/eng/learning/education_savings/publicsection/new_promoter_list.shtml

 

[CanadianCapitalist]

To the best of my knowledge, either you are eligible for the enhanced grant, or you are not; and the HRSDC list simply indicates which providers are set up to automatically apply for and deposit the grant (as opposed to the parent applying and then having the grant money issued and deposited).

That's interesting. I didn't know that parents can apply and have the grant money issued and deposited into the RESP account themselves. Anybody know how this is done (i.e. which forms should be filled out and the logistics of how to get the grant money deposited into the RESP account)

 

[CanadianCapitalist]

Hi CC,
I did this earlier this summer.
My RESP A/C is with i*Trade and it was relatively easy to do so using their forms.
The forms are available here:
https://www.scotiaitrade.com/pages/home/formsb.shtml
Once it is sent to the institution, they fwd to CRA and everything is set up correctly.
You need to ensure that the primary holder of the RESP A/C is the same spouse that is receiving the CCTB payments.
You may open a joint RESP A/C but the receipient for the CCTB must be the primary account-holder.
This is true for single beneficiary as well as family plans.

Thank you Harold. I sometimes receive questions on how to get extra grants if the account is not set up to receive it automatically. Now, I know where to point them

 

[CanadianCapitalist]

I'm confused now. This HRDC page mentions which promoters are set up to receive all the grants one is eligible for:

http://www.hrsdc.gc.ca/eng/learning/education_savings/publicsection/new_promoter_list.shtml

Some of the promoters (such as the asset management arms of the big banks) are not set up to receive *all* the grants. Doesn't it mean that supplying the promoter with another set of forms won't help? Curiously, iTrade or E*Trade doesn't seem to be listed in that page.