Personal Finance

Pre-Authorized Cash Contribution on RESP - Where and how to do it?

  • Last Updated:
  • Sep 5th, 2020 12:59 am
Jr. Member
Sep 10, 2006
167 posts
54 upvotes
Toronto

Pre-Authorized Cash Contribution on RESP - Where and how to do it?

Hi Folks,

I am thinking about putting $200 / month into my son's RESP account, and invest the $200 + 20% government grant into an index ETF (like S&P/TSX) every month.
What is the best way to accomplish this?
My RESP account is currently with Questrade. I was told that I can only do PACC (Pre-authorized Cash Contribution) on certain eligible iShares ETFs and none of the eligible ETFs is a broad index.

Any suggestions will be greatly appreciated!
1 reply
Deal Addict
User avatar
Oct 14, 2001
1754 posts
589 upvotes
GMA
Ishares XBAL and XGRO are eligible and they're an amazing way to a very diversified, cheap and simple to manage portfolio.

Once setup, ensure DRIP is enable on the account and you have it set on cruise control until you need to change the strategy.

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