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Fact check: Trump tries to erase the memory of him downplaying the coronavirus - CNN Mar 17th
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Weinstein Co. expected to file for bankruptcy + MORE Feb 26th
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Angus Reid cashes out of Vancouver software firm Vision Critical + MORE Feb 27th
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Can I set up RESPs for my kids without telling my ex?
– moneysense.ca
Q: I am divorced and my wife has custody of our kids. I want to set up an RESP for them but I don’t want my ex-wife to know about it. I’m worried she’ll find out if I use their actual address when I open it. Can I use my mine instead? —Kris
A: I don’t like secrets in principle. But, when it comes to RESPs, the Canada Revenue Agency doesn’t allow them in practice.
CRA spokesperson Lise Newton explains that, “if a beneficiary is under 19 years of age, the Income Tax Act does require an RESP promoter to notify, in writing, the parent/guardian with whom the beneficiary normally resides of the existence of the plan.” So while you can use your address, your ex-wife is going to be notified about it anyway.
Remember too that RESP contributions are “per child” so, to avoid penalties, you’ll need to be aware of any other plans that might exist for your children, set up by your ex-wife, her parents or her friends.
I’m sure you have your reasons for wanting to keep this information from your ex-wife—perhaps both financial and emotional…
Angus Reid cashes out of Vancouver software firm Vision Critical
– theglobeandmail.com
The pollster’s $44-million stock sale and exit from the board ends a tumultuous chapter for the Vancouver firm
