New RESP while in UNI
Twins start UNI in the fall. I have about $60K for them combined in an RESP growing since they were born. They have some scholarships, good jobs , and are staying home so I’m not financially stressed about their next 4 years.
They each have a “few thousand” coming in additional grants and awards and I’m debating what to do. I don’t want it in their bank account and they don’t want me to absorb it in mine…. so I thought maybe an investment for year 2-5 when some of their scholarships likely disappear would be attractive to both.
Assuming I’ve contributed about half of the max for the gov contribution. Would it make sense to “top up” their plan and take the gov money plus whatever interest while they are enrolled in school? Let’s assume it’s $2K a kid. Am I able to top up each year to the max ? Can I have multiple RESP plans running for them ? I can’t imagine any GIC type investment beating that if it’s an option. This is also more of a life responsibility financial plan for them for pure $$$.