I have been absolutely remiss as a parent regarding RESPs. When I first had kids, I had not yet found a permament teaching job and had zip for regular income. Then I started getting some part time, some temporary, but there still wasn't money go to around.
By the time I got full time, I was in debt and horrid habits. Getting RESPs was always one of those things I meant to do....I knew I had to do............I felt guilty because I had not done.....but I just never did it. Kinda like RRSPs.
I had been mulling over the ideas of getting my $SS in gear and getting started on those. I will have some money to play with once my consolidated loan is paid off. I was going to get one started during our Feb break here, when I have time to make an appointment at the bank without taking time off work. (closing at 4 pm is a real downer for those who work regular daytime hours).
My brother in law wandered over for a visit today and that sealed the deal for me. He's home from Ontario, visiting his father. My father in law is in his mid 80s, and while he doesn't particularly care for me, he does love the boys I produced. He is starting to make some decisions about his pockets of money. Brother in law convinced him (for now) to take some of that money and invest it in RESPS for the boys. For a late blooming account as I will be making, that will be a welcome addition to the RESP so it is absolutely on my list to do in the next three weeks.
Tuesday, Nice weekend!
1 day ago
2 comments:
That's so nice that you are doing this. My parents never did it for me. I made my OWN RESPs when I was in high school. I worked part-time and added $4000 of my own money to my RESPs and the government gave me $800. It's a great saving program!
When I graduated I found out that my uncle and my mom had put in some money for me into bonds and was able to cash those to help pay down my OSAP. It was $5000. I'm kind of glad I did not know about this until AFTER school because it made me work that much harder knowing I was paying my own way.
Still I think if a parent is able to help in some way, it's helpful to the kid. But I also think the kid needs to pay part of it as well and not take advantage or take for granted the money they are receiving from family.
Oh that's great news about your father-in-law!
The RESPs will be a great tool for the kids!
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