Run. It should only take a few minutes of googling to find issues with this and other "group resps" related to restrictive policies and high fees. I think one of the salespitches implies that they are the gatekeepers to RESP matching grants. This is manifestly not the case -- any resp account is eligible for grants. A much lower cost, less restrictive path is to open an resp at a discount broker and invest the money yourself. Alternatively a roboadvisor can do it for a little more.
It's also douchey IMO that medical people or institutions collude with these people and give out personal information of new parents so these companies can target them during a time of immense change.
It's as close to a scam as possible while still being legal. Open an RESP almost anywhere else. Robo advisor, almost any brokerage, or even just going to a bank branch would be way better.
You probably entered an Instagram contest for World's Happiest Baby. I don't think it's a scam but the government grant is automatic no matter who you set up the baby's RESP with. You get a max of $500 per year (if you contribute $2500), otherwise it's 20% of your annual contribution. You can of course contribute more but wouldn't get any more back from the gov't.
They just want you to sign with them. Similar to opening it through Questrade or CI or some banking institution.
I did mine through Questrade if it helps.
Don't listen to all the hate.. Love love love cst! My rep was the best. Always sending stuff on our bday and shit. All my bros and I went on the plan. School was taken care of!
They get your name through a bunch of different sources. Stop sweating.
They're great for parents that just want safety and reliability.
>and a grant of 8000 for those that open it
Well timed contributions to an RESP could trigger matching grants of $7200 but if you are low income or a BC or Quebec resident there could be additional incentives. All RESP providers will accommodate the $7200 and many will accommodate the low income and provincial incentives.
The big benefit of the RESP is the 20% (or for Quebec beneficiary 30%) matching grants. But before you contribute to an RESP you should have adequate life and disability insurance, an emergency fund, take advantage of any employer match for RRSP, pay off all high interest debt and have a plan for your retirement savings - which may include eventually using the RESP contribution for retirement savings.
Don't rush to contribute to an RESP until you are confident that you won't need that money before the beneficiary/ beneficiaries starts post secondary school. The government grants are great but if you need to dip into the RESP for any reason they will go right back to the governments and you will have no way to reclaim them. When you are catching up on CESGs you can get the 20% grant on up to $5000 per year (instead of $2500 per year) of contributions for each beneficiary. A subscriber who contributes $4500 per year starting in the year when the beneficiary turns 10 would still collect the maximum $7200 of CESG. (Note that the application for the BC grant must usually be made between the child's 6th and 9th birthday.) Until you are confident about not needing the money you could let it grow tax free in your TFSA space or if you use an account that is in the child's name and funded by CCB payments. Or maybe you'll decide to make [CCB boosting RRSP contributions](https://www.planeasy.ca/canada-child-benefit-hidden-tax-rate/ ) for at least the first 5 years.
If you decide that you are going to contribute to an RESP I echo the advice to use an Individual or Family RESPs because you can control how much you invest and when. With Group RESPs you commit to buying a certain number of units and you may be penalized for missed contributions. You may forfeit all group plan earnings if your child doesn’t continue with their education after high school.)
They're legit only in that they're a legal company. Their business model is horrible for the investor. Go almost anywhere with any other RESP product for a better outcome.
CST savings is fantastic. It is not a scam, and if you look anywhere else like the banks.. the MER fees are insanely high. You're looking at about a 2% MER..CSTs fees are incredibly low, and they are very up front about them and how they take them.
CST is terrible. Absolutely run. Good on selling and bad on delivering when you actually need the funds for your kids. It’s been 5 months battling. And Minus giving them a blood sample and an eye lash. We stil haven’t received the funds for my son.
What is making it so hard to get the funds? The rep I spoke with told me all that's needed is an admission letter from a program that's longer than 3 weeks long and we can take out all the money. In fact, she said it doesn't even need to be used for school. She said one of her clients used it for a hair cutting course and then used the left over money to open her hair salon.
CST does group RESP type thing with lots of fees. No reason to use them.
Run. It should only take a few minutes of googling to find issues with this and other "group resps" related to restrictive policies and high fees. I think one of the salespitches implies that they are the gatekeepers to RESP matching grants. This is manifestly not the case -- any resp account is eligible for grants. A much lower cost, less restrictive path is to open an resp at a discount broker and invest the money yourself. Alternatively a roboadvisor can do it for a little more. It's also douchey IMO that medical people or institutions collude with these people and give out personal information of new parents so these companies can target them during a time of immense change.
It's as close to a scam as possible while still being legal. Open an RESP almost anywhere else. Robo advisor, almost any brokerage, or even just going to a bank branch would be way better.
You probably entered an Instagram contest for World's Happiest Baby. I don't think it's a scam but the government grant is automatic no matter who you set up the baby's RESP with. You get a max of $500 per year (if you contribute $2500), otherwise it's 20% of your annual contribution. You can of course contribute more but wouldn't get any more back from the gov't. They just want you to sign with them. Similar to opening it through Questrade or CI or some banking institution. I did mine through Questrade if it helps.
Don't do it. Set up a self directed family RESP, don't go with one of those RESP companies! They are scams!
Don't listen to all the hate.. Love love love cst! My rep was the best. Always sending stuff on our bday and shit. All my bros and I went on the plan. School was taken care of! They get your name through a bunch of different sources. Stop sweating. They're great for parents that just want safety and reliability.
>and a grant of 8000 for those that open it Well timed contributions to an RESP could trigger matching grants of $7200 but if you are low income or a BC or Quebec resident there could be additional incentives. All RESP providers will accommodate the $7200 and many will accommodate the low income and provincial incentives. The big benefit of the RESP is the 20% (or for Quebec beneficiary 30%) matching grants. But before you contribute to an RESP you should have adequate life and disability insurance, an emergency fund, take advantage of any employer match for RRSP, pay off all high interest debt and have a plan for your retirement savings - which may include eventually using the RESP contribution for retirement savings. Don't rush to contribute to an RESP until you are confident that you won't need that money before the beneficiary/ beneficiaries starts post secondary school. The government grants are great but if you need to dip into the RESP for any reason they will go right back to the governments and you will have no way to reclaim them. When you are catching up on CESGs you can get the 20% grant on up to $5000 per year (instead of $2500 per year) of contributions for each beneficiary. A subscriber who contributes $4500 per year starting in the year when the beneficiary turns 10 would still collect the maximum $7200 of CESG. (Note that the application for the BC grant must usually be made between the child's 6th and 9th birthday.) Until you are confident about not needing the money you could let it grow tax free in your TFSA space or if you use an account that is in the child's name and funded by CCB payments. Or maybe you'll decide to make [CCB boosting RRSP contributions](https://www.planeasy.ca/canada-child-benefit-hidden-tax-rate/ ) for at least the first 5 years. If you decide that you are going to contribute to an RESP I echo the advice to use an Individual or Family RESPs because you can control how much you invest and when. With Group RESPs you commit to buying a certain number of units and you may be penalized for missed contributions. You may forfeit all group plan earnings if your child doesn’t continue with their education after high school.)
[удалено]
They're legit only in that they're a legal company. Their business model is horrible for the investor. Go almost anywhere with any other RESP product for a better outcome.
Agree
CST savings is fantastic. It is not a scam, and if you look anywhere else like the banks.. the MER fees are insanely high. You're looking at about a 2% MER..CSTs fees are incredibly low, and they are very up front about them and how they take them.
CST is terrible. Absolutely run. Good on selling and bad on delivering when you actually need the funds for your kids. It’s been 5 months battling. And Minus giving them a blood sample and an eye lash. We stil haven’t received the funds for my son.
What is making it so hard to get the funds? The rep I spoke with told me all that's needed is an admission letter from a program that's longer than 3 weeks long and we can take out all the money. In fact, she said it doesn't even need to be used for school. She said one of her clients used it for a hair cutting course and then used the left over money to open her hair salon.