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Discussion Starter · #1 · (Edited)
My first child was just born and I am trying to open an RESP. I was considering using the "Family" plan, which allows pooling the RESPs of all children in the family, for future children. Thing is, my wife is 22 and we could still have children until she is, say, 42. The RESP rules state that contributions to the RESP must cease on 31 December of the year of the 31st anniversary of the plan (31 Dec 2052) and that the account must terminate on 31 December of the year of the 35th anniversary of the plan (31 Dec 2056).

Say we have our last child in 2041. We would be forbidden from further contributing to the plan when our last child is just 11? Huh? And the account would terminate when he is 15? Before the age of post-secondary education? What? How does this make sense?

Should we use individual RESPs instead? If so, what disadvantages would there be to using individual RESPs?

Alternatively, would it be possible to open up a second Family RESP in 10 years? Say the first RESP would be for children born in the next 10 years and the second RESP would be for children born after that?
 
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