RESP transfer to child ahead of bankruptcy

May 29th, 2007 by Questions

Before declaring bankruptcy, can I transfer the ownership of a RESP to my child who is over 19, so that the funds will be protected for my child?


One Response to “RESP transfer to child ahead of bankruptcy”

May 30, 2007 at 10:19 am, A licensed trustee said:

If the RESP provides for the transfer without triggering any tax consequences then I think you’ll be ok – after all it was set up for this purpose.

Unfortunately, I don’t think you can simply transfer ownership without triggering somekind of penalties and problems. I’d speak to the plan adminstrator first to see what the iplications are.

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