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Seeking Guidance on RESP for My Newborn Daughter

Introduction

Hello everyone,

I’m thrilled to share that my first daughter was born just a month ago! As a new parent, I want to be proactive about her future, particularly in terms of education savings. With this in mind, I’m planning to open a Registered Education Savings Plan (RESP) for her. However, I’ve come across some conflicting information that has left me feeling a bit uncertain.

Concerns Regarding RESP Support in Quebec

Specifically, I’ve read somewhere that Wealthsimple (WS) might not support RESPs for residents of Quebec, or something along those lines. This is quite concerning for me, as I already have my Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) with WS. It would have been incredibly convenient to manage all my investments and savings in one place, which is why I’m reconsidering my options.

Exploring Alternatives

Additionally, I hold accounts with Desjardins, which is a significant consideration. Given the situation, I’m contemplating whether I should just go ahead and open an RESP with Desjardins, while possibly using their investment service, Disnat. However, I’m still unsure if this is the best path forward, especially when I would prefer to keep everything consolidated if possible.

Request for Assistance

If anyone has experience with RESPs, particularly in Quebec, your insights would be immensely appreciated! Are there any particular challenges I should be aware of regarding WS’s offerings? Moreover, would choosing Desjardins provide the same convenience and benefits as having everything under WS? I am eager to hear any advice or personal experiences that could guide me in making the best decision for my daughter’s education savings.

How AI Legalese Decoder Can Assist

In navigating these financial matters, it’s essential to understand the legal texts and financial products available to you fully. This is where the AI Legalese Decoder can be incredibly beneficial. It can help clarify the complex legal language surrounding RESPs, interpret the specific regulations that apply to Quebec residents, and assist in comparing different providers like WS and Desjardins. By breaking down jargon and presenting clear, comprehensible insights, the AI Legalese Decoder can empower you to make informed decisions concerning your daughter’s future education savings.

Understanding your options thoroughly reduces ambiguity and makes the entire process of investing in an RESP far more manageable and straightforward.

Conclusion

Thank you all for your anticipated help and insights regarding these questions. I look forward to learning from your experiences!

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