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To open a Simplii Financial RESP account and to receive government assistance into the RESP, the child named in the RESP needs a Social Insurance Number.
The lifetime RESP contribution maximum is $50,000 per child.
If there’s more than one RESP for the same child, the total contribution amounts contributed for the child (including every contributor and every plan) can’t exceed the lifetime maximum allowed.
For the Simplii Financial mutual fund RESP, government assistance is paid monthly and deposited directly to CIBC Money Market Fund. You can then change how that amount is invested in the usual way. Any government assistance paid into an index portfolio rebalancing service account is allocated proportionally to the various mutual funds in the portfolio.
For more information about RESPs, give us a call at 1-888-723-8881.