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Old 12-22-2021, 11:03 AM
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Tayken Tayken is offline
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Quote:
Originally Posted by Brampton33 View Post
My ex is claiming that because her parents opened the fund, SHE could use it as her contributions.
Yes. She is correct. Happens all the time with grandparents who hold RESP accounts and are the sole sponsors.

Quote:
Originally Posted by Brampton33 View Post
It would seem to me that the most appropriate option would be to consider the fund belonging to the child.
Nope. You do that and guess what? Grandparents will just dissolve the RESP and use a different tax shelter for the money and do the same thing. Its registered financial account of the grandparents not the child. The money is not the property of the child. They are the only tax beneficiary for which the money can be used tax-free.

Quote:
Originally Posted by Brampton33 View Post
So when we approach child about university, child can say that their share comes from grandparent's RESP.....and mom and dad must come up with their own 1/3 each.
Actually, it gets worse... There is a 1/3 rule and its not hard and fast. People get that wrong all the time. University is a s.7 expense.... So its split on the proportion of incomes in different ways. It will be split proportionally between parents. See para 247 of C.S. v. D.A.S., 2020 ONCJ 16.

Quote:
Originally Posted by Brampton33 View Post
There is zero chance that my ex would suggest that we could mutually benefit from her parent's RESP fund for our child. She will say it belongs to her, and I am on my own.
There is no way you could benefit from a REGISTERED education savings plan for which you are NOT the sponsor. Just like you cannot benefit from the grandparents:

1. RRSP
2. Pensions
3. Investment Accounts
4. Savings Accounts
5. Employment Income

Or any inheritance that your ex-wife should get!

Money held in an RESP by the grandparents is no different than 1-5. Do you really want to make the bold decision to try and have the grandparents added as parties to the case? Especially ones with deep pockets.

The best thing you can do... is save money for your children's education yourself. There is a high probability that the grandparents, by the time your children are in university may have passed on and a SIGNIFICANT amount of family wealth, for which you have no claim to, may change hands and you may find yourself dealing with Harold Niman and his co-council of choice.

Do not enrage the rich in family law.
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