Can't close RESP

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tony
Posts: 102
Joined: Tue Oct 18, 2016 8:50 pm

Can't close RESP

Post by tony »

The broker told me if I close RESP (just open for a month), I need to pay penalty. It's no problem though. But, he said that the growth for this 1 month must stay until my son turns 18 years of age then I can close it.

In this case, I don't have any relative. Is it very expensive to report RESP for US tax?
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tony
Posts: 102
Joined: Tue Oct 18, 2016 8:50 pm

Post by tony »

In case I can't really close the RESP (from Investor Group), is there any guidance on how to fill up this tax report of RESP? There are so many canadians go to US to work every year, there should be an easy example to follow or the accountant should not be that expensive in US right?
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nelsona
Posts: 18699
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

So, you opened an RESP while you knew you were moving to US?

Any RESP can be closed. IG are really great salesman, but lousy service people once they took you for your money. Always have been. he is full of it.
Take it up the chain.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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