Do I include the RESP balance as part of our Net Worth?
Points To Include Our RESP Balance As Part of Our Net Worth
- The funds are technically ours (we have complete control over them)
- If our son does not attend school, the money becomes ours if we choose
- I hate to see money leave our net worth that has technically been saved, and not really spent on anything, (well anything yet....)
- If our son does not attend school, it may become our money and will appear onto our net worth one day. If we failed to include it until this point this would look like a windfall. This will throw off my tracking and performance reviews.
Points To Not Include Our RESP Balance As Part of Our Net Worth
- The funds are theoretically someone else's money (our son's)
- When our son attends school, which he is very likely to do, the money goes away
- I would hate to add money to our net worth over the next 20 years that will likely not be ours
- If our son attends school, it becomes his money and if included, will drop from our net worth one day. This will throw off my tracking and performance reviews.
- The CESG's (Canadian Government Grant's) sole beneficiary is our son.
What do you think?