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Education

can we cash RESP and close account and hide it before filing for CP? and then open a new RESP account after filing for CP and put that money back in- We know that it will be less than original amount due to fees for closing RESP.
What do you think?

Thank you.

Posted from: Ontario

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One Response to “Education”

A licensed trustee said...

Normally we’d simply delete this knd of question – you can’t honestly expect some one to tell you that it is ok to break the law…

In this case what you are proposing isn’t necessary. Your children’s RESPs are not cashed out when you file a proposal – only if you file for bankruptcy and you don’t agree to pay an amoutn equal to the cash surrender value.

So befor eyou do anything that will cause you a great deal of grief (and money) speak to a trustee and find out how a consumer proposal works. Whomever you have been speaking to is leading you astray…