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”

, 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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