The Ombudsman for Banking Services and Investments (OBSI) has released its Annual Report for 2016; a year that marked a significant milestone with the organization celebrating its 20th anniversary.
Mr. and Ms. L set up an RESP for their son with a Scholarship Plan Dealer in 2004. In 2015, Mr. and Ms. L realized their son had not received the CESGs in his RESP from 2005 – 2012 and raised those concerns with their firm shortly after.
In January of 2014, Mr. G signed a Personal Credit Agreement with his bank. As part of this Agreement, he obtained a mortgage of $122,000 and a Line of Credit (LOC) of $39,600, both secured by a property he owned and planned to rent out.