Hello, I've been trying to figure out if RESP savings (accumulated before divorce) are considered to be a marital asset and therefore subject to division or equalization upon divorce. I know RRSP savings are a marital asset, as well as other types of assets such as pensions. However I'm finding conflicting information on RESP (below).
Long story short, I have a RESP with me as a single subscriber and my 2 kids as beneficiaries. If it comes to divorce, will the RESP balance (or may be only the contribution portion and not the grants portion) be part of the marital property on the table ?
Any hints are appreciated. Ultimately, I'd like to protect the kid's education savings as if they are split, the former spouse is likely to liquidate the savings and spend it. I'm not too worried at this point about the 1/3-1/3-1/3 rule down the road - just protecting the funds that I have in the RESP right now.
1) Family Law… What happens to RESPs on Separation or Divorce?
...Under the Income Tax Act, a RESP is not required to be divided between the parties following a separation or divorce...
2) How to invest in Canada | Death, Divorce, and Bankruptcy
...In the case of separation or divorce, RESP assets are not required to be divided between the parties...
3) How Does Divorce Impact Your Child’s Education Savings? | Divorce & Family Lawyers - Barrie, Newmarket & Orillia
...All of the savings plans mentioned above are considered part of a couple’s property when they divorce. As such, accounts such as RESPs can be divided as part of a court-ordered settlement...
Long story short, I have a RESP with me as a single subscriber and my 2 kids as beneficiaries. If it comes to divorce, will the RESP balance (or may be only the contribution portion and not the grants portion) be part of the marital property on the table ?
Any hints are appreciated. Ultimately, I'd like to protect the kid's education savings as if they are split, the former spouse is likely to liquidate the savings and spend it. I'm not too worried at this point about the 1/3-1/3-1/3 rule down the road - just protecting the funds that I have in the RESP right now.
1) Family Law… What happens to RESPs on Separation or Divorce?
...Under the Income Tax Act, a RESP is not required to be divided between the parties following a separation or divorce...
2) How to invest in Canada | Death, Divorce, and Bankruptcy
...In the case of separation or divorce, RESP assets are not required to be divided between the parties...
3) How Does Divorce Impact Your Child’s Education Savings? | Divorce & Family Lawyers - Barrie, Newmarket & Orillia
...All of the savings plans mentioned above are considered part of a couple’s property when they divorce. As such, accounts such as RESPs can be divided as part of a court-ordered settlement...
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