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Family RESP in Scotia iTrade

  • Last Updated:
  • May 12th, 2017 9:41 pm
[OP]
Member
User avatar
Mar 7, 2007
207 posts
48 upvotes

Family RESP in Scotia iTrade

Hi folks,

I'm hoping someone could kindly enlighten me with some information regarding setting up a family RESP account within scotia itrade. I currently have an RESP with scotiabank in the diversified monthly income fund and my plan is to transfer it over to itrade and set up a self-directed RESP. How does this work within itrade - ie. if I were to add a yearly lump sum of $5000 (for 2 kids), how do I specify amount for each beneficiary? I know that in TD, each beneficiary is separated into individual accounts within the family account. Is this the same with itrade? Or is it simply a case of specifying that #2500 goes to beneficiary #1 etc.

Is the process fairly straight-forward?

Thanks in advance! Learning lots from this forum
3 replies
Newbie
May 7, 2017
86 posts
37 upvotes
I have an Itrade family self directed RESP. It is lumped together and when I add the $5000 they automatically apply for $500 for each child. The actual money goes into one pot. When you take money out I have read you need to keep track of how much is coming out and make sure you don't withdraw too much for each child (of the grant).
[OP]
Member
User avatar
Mar 7, 2007
207 posts
48 upvotes
onthefence wrote: I have an Itrade family self directed RESP. It is lumped together and when I add the $5000 they automatically apply for $500 for each child. The actual money goes into one pot. When you take money out I have read you need to keep track of how much is coming out and make sure you don't withdraw too much for each child (of the grant).
How does one specify how much to each beneficiary? Does it automatically divide the amount in half? What if I wanted to add more to one child, for example?
Jr. Member
User avatar
Apr 5, 2010
194 posts
164 upvotes
Grimsby
You call itrade and tell them what amount per child. Thats what I've done in the past while playing catchup. Also - you are not limited to 2500 per child if they have previous unused contribution room.

Otherwise if you don't tell them, they just split it equally between the beneficiary's by default. I have 3 kids enrolled in the iTrade RESP.

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