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    Default RESP targets

    O Hai guise! Now that beyond is 100% old dudes, this probably fits.
    what is a reasonable estimation of post-secondary education expenses as a target value in an RESP? Assuming full-time studies etc.

    I know what I think, and I know what my financial advisor says, but random people on the internet are probably smarter than both of us put together.
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by ExtraSlow View Post
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    O Hai guise! Now that beyond is 100% old dudes, this probably fits.
    what is a reasonable estimation of post-secondary education expenses as a target value in an RESP? Assuming full-time studies etc.

    I know what I think, and I know what my financial advisor says, but random people on the internet are probably smarter than both of us put together.
    That will obviously vary greatly depending on where your kids plan on going to school and if you plan on covering all living expenses as well...

    Personally I am aiming for ~$15,000/ year of education

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    My approach is that i am covering the tuition. Thats it. With books will be about $10k year. Adjusted for some inflation, my goal is $50k per kid. Thats all they get. Its also $50k more than i did. Its also for school only. They don't go to school, they don't get a dime.

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    It varies depending on which uni and what country they are going to pursue.
    I am planning for 50k/year.

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    I just went with maximizing the grant. The lifetime maximum contribution amount per beneficiary is $50,000, so get in early, maximize the annual contributions until you hit the limit and then let it grow.

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    Quote Originally Posted by vengie View Post
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    That will obviously vary greatly depending on where your kids plan on going to school and if you plan on covering all living expenses as well...
    Quote Originally Posted by ganesh View Post
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    It varies depending on which uni and what country they are going to pursue.
    Agree it varies HUGE. Just trying to get a handle on the range of "reasonable" possibilities. I also think that it's possible to save too much in this account if it means ignoring other goals.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by JustinL View Post
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    I just went with maximizing the grant. The lifetime maximum contribution amount per beneficiary is $50,000, so get in early, maximize the annual contributions until you hit the limit and then let it grow.
    Yea this is how I see it, I don’t see much benefit to the program outside of the grant money personally. Fill er up and if you want to have a jic slush fund beyond that just pay the taxes nonreg but at least it simplifies disbursement.

    50-60k seems like a good number to me.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
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    fact.
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by ExtraSlow View Post
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    Agree it varies HUGE. Just trying to get a handle on the range of "reasonable" possibilities. I also think that it's possible to save too much in this account if it means ignoring other goals.
    If they are going to a uni in Canada and staying in the campus i think ~25k/year is a reasonable.
    If they go to a uni in US or Europe 50k/year is probably on the lower end I think.

    Speaking RESP what fund are most of you using? I am with TD and I recently switched my kid RESP to TD Science and Tech. Before that I used TD Dividend Growth.
    Last edited by ganesh; 10-22-2020 at 09:32 AM.

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    A standard degree like Engineering/Business at the UofC costs about $6K per semester with a 5 course load & books. So budget $10-12K/yr for a typical Calgary education living at home. Obviously if they want to live in res or go abroad for school it can be a lot more than that, but for most people $50-60K total per kid is a good start.

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    Not a good use for VGRO or if you are sheepish VCNS?
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Max it out. Worst case scenario is you don't need any of the money (none of your 11 kids go to school), you've filled the RESP accounts including all the grant money and I think (you may want to double check) that if there's money left over, the portion that was your contribution plus any investment gains on your money just come back to you like a normal taxable account. The grant money and gains get donated to a post secondary institution of your choice. I'm like 51% confident on that but I think that's what the bank lady told me way back in the day.
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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    To provide your kids with the absolute best EIT experience, MIT will cost around $100,000 a year including living expenses.
    Budget between $50,000 and $600,000 depending on when you think your kid will drop out to be a liberal arts major.

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    With all these parents saving up for their kids tuition won’t there be a shortage of strippers? I love helping them out a toonie at a time.

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    Quote Originally Posted by The_Rural_Juror View Post
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    To provide your kids with the absolute best EIT experience, MIT will cost around $100,000 a year including living expenses.
    Budget between $50,000 and $600,000 depending on when you think your kid will drop out to be a liberal arts major.
    If spawn are smart enough to go to MIT, they can either get someone else to pay for it or work a pole in the spare time.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by killramos View Post
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    If spawn are smart enough to go to MIT, they can either get someone else to pay for it or work a pole in the spare time.
    Not mine. @ExtraSlow 's. I suppose he could learn to work a pole so that his kids can fully take in the Ivy League experience.

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    Quote Originally Posted by killramos View Post
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    Not a good use for VGRO or if you are sheepish VCNS?
    Just LOL at not investing in TVIX.

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    Quote Originally Posted by JustinL View Post
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    I just went with maximizing the grant. The lifetime maximum contribution amount per beneficiary is $50,000, so get in early, maximize the annual contributions until you hit the limit and then let it grow.
    That's pretty much my plan as well.

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    Quote Originally Posted by suntan View Post
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    Just LOL at not investing in TVIX.
    I mean if you want your kid to go through school eating Tendies instead of Ramen...
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by Masked Bandit View Post
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    Max it out. Worst case scenario is you don't need any of the money (none of your 11 kids go to school), you've filled the RESP accounts including all the grant money and I think (you may want to double check) that if there's money left over, the portion that was your contribution plus any investment gains on your money just come back to you like a normal taxable account. The grant money and gains get donated to a post secondary institution of your choice. I'm like 51% confident on that but I think that's what the bank lady told me way back in the day.
    From what I understand the grant money just gets returned to the government but the gains on it are yours and are taxable.

    We're using Wealthsimple and are just putting in what ever amount to maximize the government grant portion. When I did the math two years ago it was something like $231/month/kid to give you the maximum of $50k so we rounded up and put away $250/month/kid. Our goal is around $60-80k each which is $15-20k per year for a 4 year degree in Canada. We wanted to ensure we had enough to cover tuition and books plus about 4 months rent so then our kids would still need to save some money during summer months as I feel this would give them a sense of responsibility for their education as opposed to just having it all paid for. That being said who knows what school or rent will cost in 16-18 years so its a total shot in the dark.
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    ...Last thing I want is someone reading my posts and losing their cock over it...
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    Meh, they all look like Jackie Chan to me
    Quote Originally Posted by ExtraSlow View Post
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    I'm generally cute.

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    Quote Originally Posted by schurchill39 View Post
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    From what I understand the grant money just gets returned to the government but the gains on it are yours and are taxable.

    We're using Wealthsimple and are just putting in what ever amount to maximize the government grant portion. When I did the math two years ago it was something like $231/month/kid to give you the maximum of $50k so we rounded up and put away $250/month/kid. Our goal is around $60-80k each which is $15-20k per year for a 4 year degree in Canada. We wanted to ensure we had enough to cover tuition and books plus about 4 months rent so then our kids would still need to save some money during summer months as I feel this would give them a sense of responsibility for their education as opposed to just having it all paid for. That being said who knows what school or rent will cost in 16-18 years so its a total shot in the dark.
    Dad?

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