Southcote

Has anyone researched where the best (or a good) place to set up RESPs is ?

Also, if we have 2 kids, is it best to set up one family plan, or 2 separate plans ?

iaink

Are you maxing out your RRSP? That's probably a sounder long term financial strategy than putting money in the RESP.

I think the advantage of a family plan is that if one kid decides not to pursue higher education, the money saved is available to the other, whereas in a separate plan its more complicated. However, we decided that the tax benefits (you effectively get your marginal tax rate back on money put in an RRSP, but an RESP is not tax sheltered the same way) and compounded growth potential of putting the money in an RRSP now outweighs the 20% top up that the government gives for the RESP, even though we will have to pay tax on money withdrawn from the RRSP when the kids need it.

Southcote

I am, but my wife probably isn't.

We have some cash in the kids names that I thought I would put into an RESP to get the Government top up - doesn't seem right to put their money into my wife's RRSP somehow !!

mandymoochops

Any of the major banks, financial institutions or advisors can do this for you, they will all be more than happy to talk to you about it.

With 2 children it would be better to set up a family plan, from memory because you can transfer the sum from one child to another if it transpires they don't go to college. (or something like that!!!)

heres some RESP info from the BMO site

You can either set up mutual funds or GIC's depending on your attitude to risk.