Thursday, March 13, 2014

Searching for Air Malaysia and Funding Options for Your Child's Education

In between searching for Air Malaysia 370 on Tomnod, I am doing the Canadian CFP course.

Today, Tomnod gave me a search area with lots of waves, no ships, no islets, no oil rigs.  Only a few things that were worth flagging as "other" items and one thing that is probably a wave but vaguely looks plane-like.

I am also learning how to fund your child's education in Canada.  RESPs and the like seem best, but there was an interesting idea to use a Universal Life Policy and then potentially give it to your child at 18.  This taxes the income in the child's hands and also provides security if one or both of the parents die before the child reaches 18.  You can also decide that the child does not deserve the money and use the cash proceeds of the policy to buy a new red Corvette and hair implants when you have your mid-life crisis.

1 comment:

  1. RESPs do seem the best if you can invest the money in something other than Bank Mutual Funds (i.e. open it with TD Waterhouse or BMO Nesbitt Burns, etc.,) then you can buy actual Index Funds or the like. That one I only figured about late in the game, but no matter in the first year you get 20% kick back for your first $2500 so that is nice.


Comments are not moderated prior to posting. Mark