resp
November 3rd, 2009 by Questions
what will happen to RESP that i invested for my kids?
Posted from: Ontario
One Response to “resp”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
November 03, 2009 at 10:14 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
If you file for bankruptcy any RESP’s that you have set aside will be lost. The ultimately will be liquidated and the proceeds will be distributed among your unsecured creditors.
While I may not agree with how these funds are treated in a bankruptcy, the laws are very clear on this, RESP’s do not constitute true trust property and due to the way they have been set up the funds are lost.