Re: Canada = Scam Central
 

Ok thanks for the info

Re: Canada = Scam Central
 

"Enrolment fees" totalling $1,400, "depository fees" totalling $200. That was on last year's statement. We haven't had the most recent one.

Of course, none of these fees were mentioned by the woman who signed us up - only the "non-profit" status of the organisation she was an agent for and how much we were employing foresight in enrolling.

Unfortunately we weren't privy to information such as this when our local friendly agent came to our door.

Re: Canada = Scam Central
 

The article here is a couple years old...seems you are not alone:

http://www.straight.com/article-1164...rests-at-heart

When RESPs started, I set one up for a few years to benefit from the grants as much as I could...we went with TD...no fees whatsoever......(same with any normal financial institution I expect). My daughter did go to UNI so we did not have to repay the grants.

I did look at one of these non-profits many years ago, before RESPs kicked in as a savings vehicle...but thought them to restrictive (and thus could not see the point), Seems I made the right call.

RESPs are a good savings vehicle....for their primary purpose.....but not if you get hooked into a non profit version. Like any investment, choose wisely.

Re: Canada = Scam Central
 

Not so much a scam story but annoyed me nonetheless.
I was looking at new trucks and as my son works at the dealership we got a really good price and finance at 2.25% for 7 years so the figures looked great.
Today the finance lady called to say "good news you've been approved" so i called and she said "oh by the way the interest rate is 6.85% now" :eek:

Turns out the lending bank wouldn't even consider me at 2.25% as i had been here less than 3 years and already had a line of credit so the only option she could find was one willing to do it but at a higher rate. Even though our house is owned free and clear and the business pays the line of credit every month they wouldn't budge.

Re: Canada = Scam Central
 

A word of warning for getting financing from dealerships, my friends tried to get financing, the dealership sent off multiple applications to multiple finance company's, when they came to getting a mortgage the multiple applications showed up on their credit report in an unfavourable light.