Q: Dear Peter and the team:
Nice articles as always in this month's Canadian Money Saver. Enjoyed the article by Sandi Martin on RESPs. I hope you can clarify something for grandparents like us!
The article doesn't address this specific issue.
On September 02, 2020, an article in the Globe mentions that one can safely contribute 14000 $ to the RESP. One can continue to contribute 2500 $ a year as well to benefit from the matching Govt grant. (500 $ max) until one reaches 50000 $. I have included the link to that article here.
https://www.theglobeandmail.com/investing/globe-advisor/advisor-news/article-three-important-facts-about-resps-that-canadians-need-to-know/
Is it okay to gift to one's grandchild's RESP 14k during the early years? I know one will NOT get the Govt Grant for this amount. If one buys a low fee, growth oriented ETF, will this approach yield better result than the ones cited in CMS article?
Your input is always appreciated.
Mano.
Nice articles as always in this month's Canadian Money Saver. Enjoyed the article by Sandi Martin on RESPs. I hope you can clarify something for grandparents like us!
The article doesn't address this specific issue.
On September 02, 2020, an article in the Globe mentions that one can safely contribute 14000 $ to the RESP. One can continue to contribute 2500 $ a year as well to benefit from the matching Govt grant. (500 $ max) until one reaches 50000 $. I have included the link to that article here.
https://www.theglobeandmail.com/investing/globe-advisor/advisor-news/article-three-important-facts-about-resps-that-canadians-need-to-know/
Is it okay to gift to one's grandchild's RESP 14k during the early years? I know one will NOT get the Govt Grant for this amount. If one buys a low fee, growth oriented ETF, will this approach yield better result than the ones cited in CMS article?
Your input is always appreciated.
Mano.