Resp plans review

[tryingtosaveabuckortwo]

I am thinking of starting an RESP for my newborn and have been contacted by various sales rep. about the plans that they offer. Does anyone have any feedback on the various companies such as Canadian Scholarship Trust Plan, Heritage Education Funds etc. Is it better to go through a bank or use these plans.

Any feedback is much appreciated.

Overwhelmed Mom

[Angela273]

I don't really know. I would caution you to check into things like if your child never goes on to higher education...what happens to the money? Sometimes there is a time out...my sister-in-law took one year of university and then took time off. After about 5yrs of not attending post secondary, the money was "taken away." I believe it was a type of government related program where they match a certain amount of money that her parents contributed.

[tryingtosaveabuckortwo]

Sorry I posted this under the wrong thread. Reposted under Canadian Parents