Richard Canfield warns that hospitals push parents to open RESPs for newborns, but the providers they recommend often create problems when you try to set up accounts or withdraw money later. Early saving sounds good until you're stuck with a bad plan.
Chapters
As soon as you have a newborn and you leave the hospital, they send you with a package when you leave the hospital. And in that package is a form asking you or telling you that you should sign up for an resp account. And often there's a there's an organization that's promoted sometimes in there, which, for better or for worse, most of the people I have met with and who have experienced setting up their resp with that organization had a miserable time dealing with it, and also a miserable time getting their money out of that situation. So, all that being said, we're being promoted to immediately at birth, right at the hospital level to go and get this education plan saved savings. And it is important to start saving early. However, we have the foresight that we're going to do this wonderful and great thing, but then we end up having the hindsight. Was that actually the right thing.