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@Calgary

Can I stop the regular contribution(PAC0 to RESP?

lxnewbie(finance-newbie)
本文发表在 rolia.net 枫下论坛Hi everyone,

I'm moving to USA and don't know how to do with my RESP. People working as finiancial advisor/RESP broker or who has gone through similar problem as mine please help.

5 years ago when I put my first step footprints at Toronto, one friend of mine successfully talked me (a so naive guy just came from mainland China then) into purchasing a RESP product from a company (to be exact, Diploma from Industrial Alliance), with every PAC(Pre-authorized Contribution around $170). Now the whole amount is said accumulated about $17,000, which is not bad. However, I am going to move with whole family to the states, so I assume I have to stop that monthly contribution. The boker told me what I could do is to cancel - or surrender they call it - and I'll pay sone sort of surrender fee. What I really want to do is actually to keep that investment but do not contribute it any more (since I'm not allowed to as a non-resident). Neither am I aware of Industrial Alliance's policy about Disploma RESP. Can anybody have anything to say?

Thanks,

a newbie as ignorant as he can be更多精彩文章及讨论，请光临枫下论坛 rolia.net
(#3411775@0)
Last Updated: 2007-1-4
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Replies, comments and Discussions:

  • 枫下家园 / 望子成龙 / Can I stop the regular contribution(PAC0 to RESP? -lxnewbie(finance-newbie); 2007-1-4 {1100} (#3411775@0)
    本文发表在 rolia.net 枫下论坛Hi everyone,

    I'm moving to USA and don't know how to do with my RESP. People working as finiancial advisor/RESP broker or who has gone through similar problem as mine please help.

    5 years ago when I put my first step footprints at Toronto, one friend of mine successfully talked me (a so naive guy just came from mainland China then) into purchasing a RESP product from a company (to be exact, Diploma from Industrial Alliance), with every PAC(Pre-authorized Contribution around $170). Now the whole amount is said accumulated about $17,000, which is not bad. However, I am going to move with whole family to the states, so I assume I have to stop that monthly contribution. The boker told me what I could do is to cancel - or surrender they call it - and I'll pay sone sort of surrender fee. What I really want to do is actually to keep that investment but do not contribute it any more (since I'm not allowed to as a non-resident). Neither am I aware of Industrial Alliance's policy about Disploma RESP. Can anybody have anything to say?

    Thanks,

    a newbie as ignorant as he can be更多精彩文章及讨论，请光临枫下论坛 rolia.net
    • I guess this is the bad part of this kind of group RESP. If the person who sold you the policy never explain or give you anything about the panalty policy, you may complain to BBB to see what they will say -lalam(lala); 2007-1-6 (#3415130@0)
    • You should be able to continue to contribute. You might not be eligible for the government grant. -littlepony2002(pony); 2007-1-7 (#3416788@0)
      • Thank u for ur reply. But I dod't think it'd be a practical idea: -lxnewbie(finance-newbie); 2007-1-9 {283} (#3422103@0)
        1st of all, if contribution from me continues, the company would just goes to gov for the matched 20% since there is no channel for me to noticy them do otherwise; 2nd it is said no canadian account could be kept for a so-called non-resident (though i am a bit suspecious about that)

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