View Single Post
  #72  
Old 12-21-2021, 10:21 AM
Tayken's Avatar
Tayken Tayken is offline
Senior Member
 
Join Date: May 2011
Posts: 7,509
Tayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant future
Default

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.
Correct. Done all the time with wealthy grandparents in these situations.

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. Legally the fund belongs to the grandparents. If they are aligned with one parent over the other... It will be considered their contribution. See it all the time on the rich people files.

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.
If the grandparents agree to that. Usually, grandparents that can cover 1/3 will cover 2/3 and leave the other non-aligned parent to pay the 1/3... Interesting dynamic as the child will know at this time that 2/3 of their education is covered but, the last 1/3 is from the other parent who may be struggling to contribute.

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.
As she should. That is family wealth and often treated like an inheritance by the court. If it gets messy the grandparents (if they have wealth) will simply cash out their investment, pay the capital gains tax and cover 2/3 and leave you standing holding 1/3.

Happens all the time... common as teeth on files where one side of the equation has significant family wealth.
Reply With Quote