By: Deanne Gage | The Globe and Mail | December 21, 2021
Read More, and see what Scott Plaskett says about How advisors are getting clients back on track for RESPs before year-end
Scott Plaskett, chief executive officer and managing partner at Ironshield Financial Planning Inc. in Toronto, says sometimes parents bring up the fact that grandparents want to help contribute to RESPs during client reviews.
“Weʼll generally take the grandparentsʼ contributions and just direct them into the plan thatʼs overseen by the parents,” he says.
Mrs. Walker has also seen other family members – such as aunts or uncles – set up accounts for their relatives. She advises the family members to inform the parents as they may already have accounts set up.
“While you can have more than one RESP, you can only receive the grant money for one account,” she says “So, it needs to be a family conversation to make sure that everyone is aware of who is contributing and where the accounts are held.”
Original Article: How advisors are getting clients back on track for RESPs before year-end – The Globe and Mail
