Q: Hi 5i,
I currently have an RESP for my two daughters. Questrade is charging us $50 every time we pull money out to pay for tuition, etc. That makes it four times a year.
We have used up the EAP portion so I'm thinking of pulling all the money out at once and transferring it to one of my daughter's TFSA account (there is room). the cost of totally divesting it is $100 but then we'll be mercifully done with the fees.
After that, I believe we can split it between the two daughters and take it out without any fees involved.
Do you see any problems with this strategy or can you suggest any better way of handling it?
Feel free to make it a public question or not depending on whether it would be of interest to other clients.
I currently have an RESP for my two daughters. Questrade is charging us $50 every time we pull money out to pay for tuition, etc. That makes it four times a year.
We have used up the EAP portion so I'm thinking of pulling all the money out at once and transferring it to one of my daughter's TFSA account (there is room). the cost of totally divesting it is $100 but then we'll be mercifully done with the fees.
After that, I believe we can split it between the two daughters and take it out without any fees involved.
Do you see any problems with this strategy or can you suggest any better way of handling it?
Feel free to make it a public question or not depending on whether it would be of interest to other clients.