My current RESP account status is:
My Family RESP account does only include my older son; who will be graduated soon.
My Individual RESP account does only include my young son; who will go to university 7 years later.
There are some grants and growth left in the Family RESP account because withdrawal is prorated based on total amount. So, I want to add my young son to the Family RESP account and leave the Individual RESP account as it is.
- What's the merits and demerits?
- Once added, will the amount left in the Family RESP account affect my young son's life time contribution limit?
(Because the left grants will be applied to my young son; If I continut to contribute to reach total $36000; the grants will be great than maximum $7200. However, each beneficiarry can only take maximum $7200. If so, I can only continue to contribute the amount calculated based on left grants.)
- Can I leave both Family and Individual account open as they are?
- Is there any restriction for this that I need to pay attention to?
- Should I finish this registration asap before my older son graduates?
Thanks