I have always managed the finances (mom had no interest or expertise - not that I am claiming to be an expert but atleast I try ). So the RESP account is in my name (no joint privileges).
I had initially assumed that RESP accounts would get removed from the calculation coz they "belong" to the beneficiary - i.e. kid(s). But as I think about it more (and based on the questions i am getting from the other lawyer), I can see the logic in mom wanting to split the account so that eventually she can clearly indicate her contribution towards the kid(s)'s education.
So my question is - do you just split the existing account and make mom the controller of one half? That way both can continue to independently make contributions as they wish.
I have repeatedly suggested that we continue the existing account and both make equal contributions to the account on a regular basis. But she has not responded. So I am quite ready to move on and continue to do my bit. When it comes time for the funds to be used, it'll be her problem to bring forth equivalent contributions towards the education expenses.
Or is there a better way to handle this?
I had initially assumed that RESP accounts would get removed from the calculation coz they "belong" to the beneficiary - i.e. kid(s). But as I think about it more (and based on the questions i am getting from the other lawyer), I can see the logic in mom wanting to split the account so that eventually she can clearly indicate her contribution towards the kid(s)'s education.
So my question is - do you just split the existing account and make mom the controller of one half? That way both can continue to independently make contributions as they wish.
I have repeatedly suggested that we continue the existing account and both make equal contributions to the account on a regular basis. But she has not responded. So I am quite ready to move on and continue to do my bit. When it comes time for the funds to be used, it'll be her problem to bring forth equivalent contributions towards the education expenses.
Or is there a better way to handle this?
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