Re: RESP's . . . any reccomendations??
 

Its 20/20 hindsite. Gold is a safe haven when there is uncertainty. You would have been better off buying microsoft or apple stock... its all a gamble basically. Gold for a long time did nothing.

Re: RESP's . . . any reccomendations??
 

Shorting bank stocks would have been a better move, essentially betting that the people selling investments didn't know dick. Maybe they still don't.
What I did was to pay off the mortgage before the first child finished high school, that would have allowed the possibility of borrowing against the house to fund degrees but, in the event, there wasn't any need to do it.

Re: RESP's . . . any reccomendations??
 

It's on the first $2000, so a maximum of $400 a year. Then if the kids don't use the funds to go to school, the govt. take it back and you pay tax on all the growth.
We looked at it for our kids and invested elsewhere and got a better return, then gave the kids the money.

Re: RESP's . . . any reccomendations??
 

True - if only I had I crystal ball.

In the uncertainty of today with the money markets, I'd gamble on silver on gold, wouldn't you?

Decisions, decisions - I'll post back on this thread in say 10 years and let you now how I made out ;)

Re: RESP's . . . any reccomendations??
 

Thats OK, with any luck you can just have your butler do it for you:fingerscrossed::thumbup:

Re: RESP's . . . any reccomendations??
 

I would not contribute to an RRSP as a way of providing for children's education. The whole raison d'être of an RRSP is that you contribute while you are working (and your income and tax rate is high) and withdraw from the fund when you retire and your income and tax rate are lower.

If you use it as an education fund you will probably contribute while you are still building your career and withdraw at the height of your earning power. You can end up paying more tax on the withdrawal than you received in refunds for contributing. Not the idea at all.

I would not dismiss an RESP. As said above, it is free money from the government, but choose your provider carefully. They exist to make money from your money. TFSAs are also a good vehicle for savings that you need during your working life.

Re: RESP's . . . any reccomendations??
 

Actually, it's easy. Historically, the best time to buy gold is when the Bank of England is selling.

That's why I bought some back in the 90s, which was worth a lot more by the time I sold it. Would have been worth a lot more today, of course :).

Re: RESP's . . . any reccomendations??
 

With the state of several countries dollar and the Americans extending their license to print money, many say that now is the time to buy. More reason to buy Silver than Gold but that's another discussion.

Re: RESP's . . . any reccomendations??
 

I initially went with TD bank, who I banked with before.

Now recently I have an RESP for my 3 year old with CIBC, not seen any difference really. I chose the safest route with no risks. It's a gain anyway when the government contributes as well as yourself, and end of the day it all helps toward his University education later on (what I am saving it for). The good thing is it can be used for at any recognized University in the world, so your child can study in the U.S, the UK, here, or anywhere.

I say shop around and ensure no fines or fees to pay out for anything at any time, e.g. each year, some charge a fee, I think Scotia bank was one of them but can't 100% remember now.