Cst resp

[Purdee]

I was contacted by a rep who wanted to come to my home to speak to my hubby and I about CST RESP. Has anyone purchased this type of RESP before?

[lilo0003]

We have the CST. It has faired well, but if I could do it again I would not choose a scholarship trust fund as this is. We did this almost 16 yrs ago & did not do enough investigation before hand & I knew someone that was selling for them & never looked further.
Gail Vaz Ozlade has a book about RESPs and I am sure others can share ideas.

[sweet sparrow]

We didn't use the advertised group funds either. I found The RESP Book by Mike Holman really helpful. I borrowed it from the library.

https://www.amazon.ca/RESP-Book-Regi...ds=mike+holman

Here's Gail's book:
https://www.amazon.ca/Saving-School-...az-oxlade+resp

[Angela273]

We have used CST for all 3 of our young children. It gets cheaper for each additional child.

[Purdee]

Holman book is specifically for canadians which i like. Is Gail's book also for canadians?
I recently got a library card for my daughter so i'll check out the book by Holman.
Thanks Sweet Sparrow

We didn't use the advertised group funds either. I found The RESP Book by Mike Holman really helpful. I borrowed it from the library.

https://www.amazon.ca/RESP-Book-Regi...ds=mike+holman

Here's Gail's book:
https://www.amazon.ca/Saving-School-...az-oxlade+resp

[super807]

Holman book is specifically for canadians which i like. Is Gail's book also for canadians?
I recently got a library card for my daughter so i'll check out the book by Holman.
Thanks Sweet Sparrow

Gail's book will be for Canadians.

[Durham Couponer]

I read the title of this thread as CAT resp

[Colsgirl]

We use CST, not sure if I would again. The first year the charges seemed pretty high... I upset the representative when I told him that after looking at or first annual statement I would have been better keeping the money in a box under my bed. The longer you have the RESP, you get a lot of the charges refunded. Anyway of saving, especially for your kids futures is a good thing, I just think there are better ways of doing it!

[tjthemanto]

Most RESP , RRSP and TFSA can be done on your own. The gov. and financial institutions just throw in big words to make it sound complicated and complex.

Lot of these institutions have hidden costs like administrative fees and management fees and penalties and commissions , which eat into your growth. They don't really advertise these charges and bury them in some fine print, so upfront it doesn't look like there are any charges or commissions.

Also switching/transferring to someone else or closing them is often a nightmare. You get the run around from them

[lizzie bargain]

I have not used the CST-but my friend did and they lost money when their son did not attend university shortly after high school but later on. I have just done my own at the bank-my best advice is if/when you do have more than one child make sure you have a family RESP rather than an individual so if one child does not use thier funds for any reason, your other child can.

[scrapbookingoasis]

we have one - signed up almost 12 years ago....was told if she didn't use it the other kids (we didn't have others yet but planned on more) could but looking at it, it's a group plan but I can't add kids to it.....confusing to me, I think I can only add after she decides whether or not to use it - for the other kids we did one with our financial guy which I think is better than the cst one (but we need to leave the cst alone since we would lose too much money of ours if we switched it). I just signed into our cst and what's showing as a balance is way less than our monthly fee over 10years - I'm guessing related to their 'fees' which supposedly you get back later. I think they prey on sleep deprived mothers quite honestly.....

I don't know how true it is but I have heard it's harder to get your money out as certain programs they won't give you the money or all of it....like if you do a shorter time frame program

[Colsgirl]

I have not used the CST-but my friend did and they lost money when their son did not attend university shortly after high school but later on. I have just done my own at the bank-my best advice is if/when you do have more than one child make sure you have a family RESP rather than an individual so if one child does not use thier funds for any reason, your other child can.

You do have money taken if the children don't use it, you lose the bit that the government put in. But you don't lose the interest you have got over the years on the bit the government put in. Also if your older child doesn't use the money then it can be transferred without penalty to younger siblings. It is only if you shut the account and take the money out (without it being used for a child's education) that the money the government deposited is given back to them.

[Purdee]

maybe a TFSA is better than RESP? I hope that my baby will attend university but who knows and i don't want to pay these "hidden" fees.

[Frugalbigmama]

maybe a TFSA is better than RESP? I hope that my baby will attend university but who knows and i don't want to pay these "hidden" fees.

But you don't get the government grants if it's not a RESP. I did small RESP and then TFSA etc.

[lizzie bargain]

Many banks have no or low fees for RESP's and you can decide whether to invest in low risk GIC's or higher risk mutual funds etc. As FBM says it is hard to turn down the 20% gov't grant on RESP's.