Is Canadian Scholarship Trust plan legit?
Is Canadian Scholarship Trust plan legit?
Canadian Scholarship Trust Plan is a scam, period. Please choose a self-directed RESP plan where YOUR CHILDREN get the money (or yourself), not some strangers you don’t care about.
Is CST a good company?
CST is a very good, trusted and established company.
What is Cstresp?
The Canadian Scholarship Trust Foundation is one of Canada’s largest and oldest group Registered Education Savings Plan (RESP) providers in Canada with over 60 years of experience providing education savings solutions to families across Canada.
Is CST a nonprofit?
CST Foundation Founded as a non-profit foundation in 1960, we’ve evolved in tandem with the education savings sector and helped shape it into what it is today—through innovation, advocacy and by sponsoring the Canadian Scholarship Trust Plans that families use to save for their children’s post-secondary education.
Which RESP is the best Canada?
Best RESP Providers in Canada 2021?
- WealthSimple RESP. WealthSimple is one of the leading Robo-advisors in Canada, offering a variety of financial products through several registered accounts.
- Questrade RESP.
- CI Direct Investing (Formerly Wealthbar)
- Justwealth RESP.
What are the disadvantages of an RESP?
The biggest disadvantage of an RESP is that any earnings that are withdrawn but not used for post-secondary education incur a twenty percent penalty, and income taxes must be paid on the money.
How do I cancel my CST RESP?
You will need to submit a completed RESP withdrawal form or EAP application form; this form will be provided by CST whenever you are ready. You will also need to provide a Proof of Enrolment form (POE) which is supplied to your student by the school.
How does Canadian Scholarship Trust work?
Government grants will need to be returned to the government. Alternatively, you can simply withdraw the income and pay tax on it at your marginal tax rate, plus an additional tax of 20%.
What is CST stand for?
Central Standard Time
CST is an abbreviation for ‘Central Standard Time. ‘ Calls are taken between 7 a.m. and 8 p.m., CST.
Which is better TFSA or RESP?
TFSA – which one to choose? If you’re saving money specifically for a child’s education, an RESP is almost always the best choice. It allows you to earn grant money that’s not otherwise available, and it allows you to defer taxes on any money earned in the account.
Can I buy a car with RESP money?
RESP money can be used to pay for any education-related costs once you’ve provided proof of enrollment in a qualifying program. So if your child needs a car to get to classes, you can use RESP money to pay for it, along with insurance, gas, parking and maintenance.
Why is RESP not good?
The drawback with an RESP comes if your kid decides not to attend college or university, which means the government will get back its share, including any investment made off that portion. Of course, you get to keep your own funds and any money made of those. “You are rewarded for investing well,” says Parlee.