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Old 12-21-2021, 03:58 PM
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Tayken Tayken is offline
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Quote:
Originally Posted by rockscan View Post
Tayken, respectfully, you are wrong on RESP funds from other people. Case on this is:

https://www.canlii.org/en/on/oncj/do...&resultIndex=5
Do not mix "gifted" and actual RESP held by grandparents in their own RESP account.

An RESP account is an actual investment account. Grandparents open their own its their property. Not the child's. Same rules.

This case only applies when birthday money is put in an RESP or though that "contribution" stuff... Rich grandparents call their fund manager, open the RESP as their own account and neither parent is involved. Smart ones make full contributions on Jan 1st to make sure the government contributions are put in that account first to take control of it.

Suffice to say... A grandparent who has put a significant amount of money in an RESP... the child has no right to the money... just like they have no right to their grandparents bank accounts.

The "R" in RESP is "REGISTERED" for a reason... If a grandparent wants to dissolve the fund, pay the tax... the child involved has nothing they can do... its not their money... nor is it either parent's money.

Trust me... The money in the account is the SUBSCRIBERS money not the beneficiary's.
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