Lots of threads already on RESPs for kids who's parents have separated. I'm curious though - If a third party has and solely owns a RESP on a child (grandma, aunt, godfather, step parent) how does this factor into the equation when the child goes to school when neither parent actually has any right to the money, nor the grant portion? I don't even think either parent would have any right to call and inquire with HRSDC about a policy held by a third party or the grant monies they have earned...
I've seen previous threads that say the grant portion is deemed to be the child's contribution but you cannot deem the child has contributed what you do not know. And if the RESP is indeed owned by a third party then I would think that it cannot be even entered into the equation?
I ask this because it occurred to me - the child's contribution comes off the top. The balance is then proportionally shared between the parents and their respective incomes. So then many paying parents could technically have a third party open a RESP and then the grants wouldn't count as the child's and they could use the grants toward their own contribution for the child?
I've seen previous threads that say the grant portion is deemed to be the child's contribution but you cannot deem the child has contributed what you do not know. And if the RESP is indeed owned by a third party then I would think that it cannot be even entered into the equation?
I ask this because it occurred to me - the child's contribution comes off the top. The balance is then proportionally shared between the parents and their respective incomes. So then many paying parents could technically have a third party open a RESP and then the grants wouldn't count as the child's and they could use the grants toward their own contribution for the child?
Comment