Post by @owunnavictor

IMMIGRANTS, PLEASE BE CAREFUL WITH WHO YOU TRUST WITH YOUR CHILDREN’S MONEY. ‼️ I came across this story from an immigrant who says she opened RESPs for her children after arriving in Canada. According to her account, she contributed thousands of dollars, only to later discover that a significant portion had gone toward upfront fees. When she decided to leave, she says she was told she would have to pay another $200 per child. Whether every detail of this particular story is accurate or not, the lesson is important. An RESP is supposed to help you save for your child’s education. But “RESP” does not automatically mean every RESP product, provider or fee structure is the same. The Canadian government specifically advises parents to ask: How much are the fees? Are there fees for opening the account? Are there fees for withdrawing? Are there management fees? Are there commissions? What happens if you stop making contributions? What happens if you close the account early? And can you transfer the RESP somewhere else? These are questions you should be asking before you put your first dollar in. And this is especially important for immigrants. You arrive in a new country wanting to build a better life for your children. Someone from your community approaches you, speaks your language, understands your culture and tells you: “This is how we save for our children’s future.” Because you trust the person, you may not ask enough questions. That’s where you have to slow down. Don’t confuse a familiar face with a fiduciary relationship. Don’t confuse a financial presentation with independent financial advice. And don’t assume that because something is called an RESP, it must automatically be the right RESP for your family. Ask for the fee schedule in writing. Ask how the person selling it is compensated. Ask what happens if you stop contributing. Ask what you get back if you leave. Ask whether you can transfer the money to another provider. And most importantly: COMPARE IT WITH OTHER RESP OPTIONS BEFORE YOU SIGN. Your children’s future is too important to build around someone else’s sales pitch. We need to stop being afraid to ask uncomfortable questions when our money is involved. Your community can introduce you to an opportunity. But your due diligence should decide whether you take it. #financialliteracy #investing #immigrant #resp #canada