Duplicate RESP Contributions

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Brampton33

New member
I am in the process of opening an RESP account for my kids.

My ex has already opened an RESP account for the kids last year.

It is my understanding that the government will match RESP contributions for up to a certain amount (ie: $2500 per year). If she has an RESP account, and I have an RESP account, which account will benefit from the government matching?
 
Whichever one of you deposits money first.

My husband had this problem. Well, technically it was his ex’s problem as he opened an account first and maxed out the grant option. When his ex got around to opening her own there was no grant money. The judge said “good on him for getting to the savings quickly”.

If your ex beats you to it, they get the money. You can still save in a high interest account, you just may miss out on the government funds.

Talk to your financial advisory on if its a yearly thing or a max up front.


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Thanks for the insight, I am waiting to hear from financial advisor.

At the moment, my ex is contributing on a monthly basis, and she got there first. However, it is likely that she will stop her monthly contributions soon. Would the government then shift the matching contributions to my account?

I'll post when I hear back from my financial advisor.
 
Again it depends on what the government max is and if it has been reached. If she stops and you start and the government still has grant money left, you will get it.

Ask your advisor what the max amount of grant is overall and then figure out if she did get it all. If she didn’t put as much money in as possible to your account.


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