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RESP QUESTION

3K views 14 replies 8 participants last post by  kcowan 
#1 ·
I make monthly contributions to RESP which are invested into the mutual funds and I get grants on those monthly contributions. Last month I contributed few hundred dollars into RESP savings for each of the child instead of Mutual funds and didn't get any grants on these contributions.Can anybody explain me what I did wrong or if i need to call then do I call CRA?
 
#3 ·
if not the above, then grants come at the end of next month. so if you contributed after a certain date in one month, grants will only come end of next month. i know this for certain for other months, should be the same for Dec as well even though its the last month of the financial year.
 
#5 ·
Assuming your CESG paperwork was submitted correctly (and you'll know it is if you've ever gotten a CESG payment before) then I'd say odds are you just need to wait until the end of the month. Wait until February before calling the CRA if you still haven't seen the money in your account.
 
#15 ·
There is also a lifetime contribution of $50k per student. This is just like an RRSP for the excess because if the kid does not use it, it can be transferred. Just make sure you leave enough room! We are planning to give each kid $40k but time will tell.
 
#14 ·
To the OP, when you set up the RESP you have to tell the provider where you want the grants invested.
Is it possible they credited your grants to tje mutual fund and you are looking in the savings portion.
Otherwise it may be that you deposited the money to late in Dec to hit the banks submission to the gov for grants. They would then submit under their Jan submission.
Most banks seem to do 1 submission per month for grants for all the RESP they hold.
 
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