Parenting & Family

Gift for godchild

  • Last Updated:
  • Sep 2nd, 2014 1:54 pm
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Deal Addict
User avatar
Sep 7, 2005
2722 posts
1754 upvotes
Toronto

Gift for godchild

I'm thinking of giving a monetary gift for my godchild (1 yr old) and contributing every year towards it and watch it grow.

What would be the most simplest, hassle-free to setup? I started looking at RESP, savings bond, GIC but am still a little lost.

Last resort would be a piggy bank....

Any suggestions/guidance would very much be appreciated!
2 replies
Deal Expert
Oct 6, 2005
16871 posts
2557 upvotes
Just drop by your local bank and open an "in-trust" account for your god child. I recommend a bank RESP since it has a dedicated purpose. Bank RESPs can be held in cash, mutual funds, or GIC - your choice.

You may need your god child's identification information such as a SIN number if I remember correctly?

By all means DO NOT buy a RESP provider such as Canadian Scholarship Trust Plan, Heritage Trust Program, etc. These plans are full of fees, fine print, opaque, and generally perform poorly in comparison to a plain bank RESP.
Jr. Member
Sep 10, 2006
140 posts
9 upvotes
Whitby
Coolspot is correct. RESP requires the SIN of the child.

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